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Indian Infotech And Software Ltd. — Board/Management Information 2021
Feb 18, 2021
63337_rns_2021-02-18_fcb0865a-3233-4dd8-b339-0547cdaeeadc.pdf
Board/Management Information
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CIN-L70100MH1982PLC027198
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www.indianinfotechandsoftwareltd.com
Date: 18/02/2021
To, The Department of Corporate Services, Bombay Stock Exchange Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001
Ref.: Scrip Code –509051
Subject: Outcome of Board Meeting held on 18[th] February, 2021
Dear Sir(s),
We are pleased to inform you that Meeting of the Board of Directors of the Indian Infotech & Software Limited was held on Thursday, on 18[th] February, 2021 at 11:30 A.M. at its Registered office at Chamber No 3 & 4, 7th Floor, Skyline Icon, Andheri Kurla Road, Marol, Andheri (East) Mumbai 400059 . The Board transacted following items:
1. The Board of Directors has discussed and considered to explore the business opportunities of “RETAIL LOAN” as the company will start exploring the avenues like Gold Loan, Motor Vehicle Loan, Home Appliance Loan etc. Necessary papers works and compliance will be completed till March and the company will able to start providing the “Retail Loan” starting from April 2021 i.e., from new financial year 2021-2022.
2. The Board of Directors has discussed and considered that the company has to open the branches across India to strengthen the business of Retail Loan and the company will open branches across metro cities first and the responsibility to finalize the office is given to Mr. Shyama Charan Kumar. In the next meeting in march he will submit the report and the board will finalize the offices which will operational from the month of April, 2021.
3. The Board of Directors has discussed and considered that to successfully running the “Retail Loan” segment the company has to raise money up to Rs.250 Cr. Various avenues like Raising Money from Right Issue, Issuing Coventerable Bond or Debentures and raising Debt from Banks were discussed by the Board. It has been decided to prepare the detail comprehensive report on all the avenues to raise money like cost of raising money, time frame, legal compliance etc. are needed. After the preparation of the comprehensive report, the Board of Directors will sit again to finalize one of the them.
Chamber No 3 & 4, 7th Floor, Skyline Icon, Andheri Kurla Road, Marol, Andheri E Mumbai 400059
Email ID: [email protected];
CIN-L70100MH1982PLC027198 www.indianinfotechandsoftwareltd.com
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4. Any other matter with the permission of the chair: Two matters were brought and taken up. Firstly, to recall the money from the existing lenders as the company will required funds to set up branches and to set aside a specific amount for “Retail Loan” segment.
Secondly, the company should also explore developing its own mobile application for providing “Retail Loan”. The responsibility of the same was given to Mr.Sagar Shee as he brought the point before the Board of Directors and submit its report before the Board as and when he is ready to represent the same
The aforesaid Board Meeting commenced at 11.30 AM and concluded at 2.30 PM
Please take the same on your record and acknowledge the receipt of the same.
Thanking You, Yours Faithfully,
For Indian Infotech & Software Limited
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Shyama Charan Kumar Director
DIN: 00494297
Chamber No 3 & 4, 7th Floor, Skyline Icon, Andheri Kurla Road, Marol, Andheri E Mumbai 400059
Email ID: [email protected];