Stakeholder Meeting of Fincare Business Services

Document Summary

Annexure to the notice dated 21 March 2025 addresses stakeholders of Fincare Business Services Limited (FBSL), currently under voluntary liquidation. The subject pertains to details of the indicative fair market value of assets and accumulated profits of FBSL as of 20 March 2025.

Key Financial Details (as of March 20, 2025):

• Indicative Fair Market Value of distributable assets of the Company: INR 2,481.44 crores.
• Indicative Fair Market Value of distributable assets of the Company: Approximately INR 74.93 per share of FBSL.
• Accumulated profits in the Company (as on 30th September 2024): INR 92,78,85,113.
• Accumulated profits in the Company (as on 30th September 2024): Approximately INR 2.80 per share of FBSL.

Stakeholders are requested to consult their own tax advisor/consultant regarding the tax implications related to their respective share of accumulated profits. The actual distribution date's fair market value of assets and accumulated profits will be communicated to stakeholders later.

Notice Convening Meeting of Stakeholders (Dated 21.03.2025):

A meeting of the stakeholders of Fincare Business Services Limited will be held on Monday, March 24, 2025, at 10:00 A.M. via video conferencing. The agenda includes:

1. Chairman of the meeting.
2. Ratification of convening the meeting at shorter notice and consent for shorter notice for the meeting. It will ratify the resolution to convene the meeting via video conference at a shorter notice of 3 days and consent to convening of meeting of the stakeholders within 2 days from the date of notice by the liquidator as and when deemed fit by the liquidator.
3. Discussion and recording of the status of pending tax litigations against the Company.
4. Update and record the balance of accumulated profits, indicative fair market value of assets available for distribution, and withholding obligations of the Company, with reference to the annexed letter.
5. Update on the sale of investment in shares of AU Small Finance Bank for fraction entitlements, distribution proceeds, liquidation costs, and pending litigations.
6. Update on the amount to be deposited towards tax demand with authorities if demand crystallizes or 3 months before tax liability exceeds set-aside funds.
7. Discussion on assurances from non-resident shareholders to remit funds for their withholding liability.
8. Formation of a stakeholders' consultation committee comprising of stakeholders' nominated representatives to approve any matter not previously approved by the stakeholders. The resolution will be to grant the consent of the stakeholders to form a Stakeholders’ Consultation Committee to assist the Liquidator in relation to matters and affairs of the Company and to approve matters requiring stakeholders’ approval on behalf of the stakeholders. Three members namely Mr./Ms./Mrs. <<name>>, Mr./Ms./Mrs. <<name>>, Mr./Ms./Mrs. <<name>> are to be appointed as members of the Committee representing interest of the stakeholders of the Company.
9. Vote of thanks.

Stakeholders are requested to join the meeting via MICROSOFT TEAMS/ZOOM/WEBEX App/Browser and may join at the specified date and time with the Meeting ID shared separately via email. The meeting facility will open 15 minutes prior. Stakeholders are requested to convey their vote at the meeting, and to note, that if a vote is required, the Stakeholders can cast their vote only by sending e-mail through their email id to the designated email id of the Company/ OR use of e voting platform. Corporate Stakeholders intending to send their authorized representatives other than authorized representatives who submitted the claim form on behalf of the Corporate Stakeholder, are requested to send, to the Company, a duly certified copy of the Board Resolution authorizing their representatives to attend and vote on their behalf at the Meeting.

Enclosed with the notice is an authority letter for authorized representatives. The authority letter requests intimation of identity details of the authorized representative, including any appointed insolvency professional, attending the first meeting of the Stakeholders Consultation Committee. It requires the name and designation of the authorized person, the insolvency professional registration number (if applicable), the identity proof type (PAN/Aadhaar/Passport) and number, the signature of the stakeholder, and designation of the stakeholder and signature and name of the authorized person, with designation. The authorized person must carry the specified identity proof to the meeting.

Fincare Business Services Limited is registered as a core investment company under the RBI Act 1934.