Board Approves Unaudited Results, Greenlights Name Change for Minolta Finance Ltd

Board Approves Unaudited Results, Greenlights Name Change for Minolta Finance Ltd​

Minolta Finance Limited has approved its unaudited financial results for the quarter ended June 30, 2026, and announced a proposal to change the company's name. The board meeting, held on August 11, 2026, also confirmed the appointment of a new Tax Auditor and detailed plans regarding the future location of the registered office.

The Board of Directors conducted several key approvals during the meeting. The outcomes included sanctioning the unaudited financial results for the quarter ended June 30, 2026, along with the Limited Review Report issued by Statutory Auditors. Furthermore, the board approved a proposal to change the company's name from "Minolta Finance Limited" to "Wagad Finance Limited," pending shareholder approval and regulatory clearance.

The meeting also saw the appointment of M/s. CGCA & Associates, Chartered Accountants (Firm Registration No. 123393W/W100755), as the Tax Auditors and Consultant for the company. Another major decision involved approving the shifting of the Registered Office. While an initial approval covered moving within Kolkata, West Bengal, a separate resolution approved the move from West Bengal to Mumbai, Maharashtra, subject to required statutory and shareholder approvals.

The company also finalized arrangements for its Annual General Meeting, including appointing a Scrutinizer and determining the meeting's venue and date.

Financial Performance Snapshot​

Minolta Finance Limited's standalone financial results for the period ended June 30, 2026, show significant interest income compared to expenses. The company's financial metrics are presented below:

Limited Review and Operational Notes​

The Limited Review Report on the results provided several key operational notes regarding financial practices, internal controls, and related transactions.

The report noted that subsequent recoveries of ₹2.94 crore from Radiant Financial Services Ltd., covering a period from July 1, 2026, to August 7, 2026, resulted in an understatement of the ECL provision by ₹2.94 crore and an overstatement of Profit by Rs. 2.94 Crores. Furthermore, it noted that the assignment of debt totaling Rs. 6.18 crores to Radiant Financial Services Ltd., dated June 30, 2026, requires Board approval and needed immediate ratification, as the Assignment Letter was unavailable for verification.

The review also identified several areas requiring management follow-up:

• Investments: The company holds quoted and unquoted investments of shares amounting to Rs. 62.87 lakhs, but lacked documents justifying ownership.
• Expense Accounting: Interest expense was noted as understated in some loan accounts because the relevant loan documents were missing.
• Cyber Incident: A ransomware cyber-attack that occurred on July 3, 2026, compromised all financial data and backups; management, however, maintains that there was no resulting financial loss to the company from this event.
• Tax Compliance: The review observed that deducted Professional Tax (PT) from employees' salaries had not been remitted to statutory authorities, and mandatory professional tax registration had not been obtained.

Stock Price Movement​

Minolta Finance Ltd settled at ₹1.24 in trade, dropping 3.88% on Tuesday after the close of business. Shares saw movement throughout the session, swinging from a low of ₹1.23 to an intraday high of ₹1.32.