JMJ FinTech Limited’s Board of Directors convened on October 22, 2026, approving several key strategic decisions. The company increased its loan limit to a related party entity to ₹15 Crores and sanctioned the issuance of Secured, Unlisted, Unrated, Redeemable Non-Convertible Debentures (NCDs) aggregating up to ₹7 Crores. Additionally, the Board approved appointments and re-designations of directors, all subject to shareholder and regulatory approvals.
Board Approvals for Growth and Governance
JMJ FinTech Limited’s Board of Directors, in a meeting held on Thursday, October 22, 2026, gave its nod to several significant proposals aimed at bolstering the company’s financial capacity and strengthening its leadership. The meeting commenced at 01:30 PM and concluded at 05:35 PM.
Financial Capacity Enhancement
A key approval was the proposal to increase the financial assistance/loan limit to JMJ Finance Limited, a related party entity, from the existing ₹10 Crores to ₹15 Crores. This increase is subject to the approval of shareholders via Postal Ballot.
Furthermore, the Board approved the issuance of Secured, Unlisted, Unrated, Redeemable Non-Convertible Debentures (NCDs). The total issue size is set at up to ₹7,00,00,000/- (Rupees Seven Crores Only), to be raised on a private placement basis in one or more tranches. The core terms and conditions, along with the draft Private Placement Offer Letter, were also approved. The NCDs are set to carry interest rates ranging from 10.50% to 13.40%, with a face value of ₹10,000/- each, and the subscription period is scheduled from October 28, 2026, to November 26, 2026.
Director Appointments and Re-designations
The Board also approved the appointment of Mrs. Shiny Joju (DIN: 08205263) as an Executive Director (Whole-time Director), contingent upon shareholder approval via Postal Ballot and prior written approval from the Reserve Bank of India.
The re-appointment and re-designation of existing directors were also confirmed:
- Mr. Johny Madathumpady Lonappan (DIN: 00017895) will be re-appointed and re-designated from Executive Chairman (Whole-time Director) to Executive Director (Whole-time Director), effective December 1, 2026, subject to shareholder approval via Postal Ballot.
- Mr. Joju Madathumpady Johny (DIN: 02712125) will be re-appointed and re-designated from Managing Director to Chairman & Managing Director, effective December 9, 2026, subject to shareholder approval via Postal Ballot.
Procedural Approvals
The Board approved the draft Postal Ballot Notice, Explanatory Statement, and Calendar of Events for seeking shareholder approval. A cut-off date of Friday, October 23, 2026, has been fixed for determining eligibility for the Postal Ballot notice and e-voting. M/s. Lakshmmi Subramanian & Associates have been appointed as Scrutinizers, and Central Depository Services (India) Limited (CDSL) will provide remote e-voting facilities.
Additionally, approvals were granted for the opening of an Escrow Account and the appointment of IDBI Trusteeship Services Limited as the Debenture Trustee for the proposed NCD issue.
Source: BSE
