July 31, 2021
Genesys EGM 31st July 2021 Transcript
Our analyst
Read of this earnings call — headline is the investment verdict. Research synthesis, not investment advice.
No investment verdict is supportable from this EGM:
the company only presented proposals to raise funds through non-promoter preferential allotments of compulsorily convertible debentures and warrants, without disclosing amounts, pricing, dilution, use of proceeds, or operating outlook. The financing could support growth but also creates material dilution and execution risk; with no shareholder Q&A or financial metrics, the call is too thin to justify buying or selling.
- Preferential Allotment
- Convertible Debentures
- Warrants
- Capital Raise
- Dilution
Near term
- Final terms, pricing, approval status, and timing of the CCD and warrant issuances.
- Expected dilution and use of proceeds once the preferential allotment details are disclosed.
- Subsequent filings clarifying whether the proposed capital raise closes and improves operating performance.
Longer term
- Whether the new capital funds profitable growth rather than merely extending the balance sheet.
- Potential shareholder dilution from conversion of the CCDs and warrants.
- Execution quality and returns on capital remain unassessed because management provided no operating outlook or strategic detail.
Red flags
- No issue size, conversion terms, exercise price, investor identity, or use of proceeds was disclosed in the meeting transcript.
- No financial performance, guidance, or valuation-relevant metrics were discussed.
- The registered shareholder speakers were absent, so there was no meaningful analyst or shareholder challenge to the capital-raising proposal.
RECORDING TRANSCRIPT
EXTRA ORDINARY GENERAL MEETING
Date of Meeting
Saturday, July 31, 2021
Time
2.30 P.M. (IST)
Place
Through Video Conferencing/ Other Audio-Visual Means
Regd. Office
73-A, SDF-III, SEEPZ, Andheri (E), Mumbai-400
096, India Tel.: +91-22-2829 0303; +91-22-4488 4488; Fax:
+91-22-2829 0603
Website
www.igenesys.com;
E-mail:[email protected] CIN:
L65990MH1983PLC029197
Mr. Vineet Chopra
Good Afternoon all, and welcome to the Extra Ordinary General Meeting of
Genesys International Corporation Limited.
Requisite quorum for the meeting is present. I would like to inform the shareholders that the Company had extended remote e-voting facility to members to the members during 27th July 2021 to 30th July 2021.
Shareholders who could not cast their vote still have an opportunity to cast their vote during the meeting. Mr. Sanam Umbargikar of M/s DSM &
Associates, Company Secretaries, is the Scrutinizer for today’s meeting.
Mr. Sanam Umbargikar, Partner of M/s DSM & Associates, was also present in the meeting.
Now, I would request chairman to take up further proceedings of the meeting.
Mr. Sajid Malik, Chairman & Managing Director of the Company to Chair the meeting. We have the requisite quorum present through video conference to conduct the proceedings of this meeting.
Before, I handover to conduct the proceedings of this AGM to the
Chairman Sir, I would like to draw the attention of the members to a few points.
Mr. Sajid Malik
Welcome to Shareholders. a. Necessary quorum for meeting is present, I declare EGM as ‘open’.
b. Introduction of colleagues present
• Mr. Ganesh Acharya: Independent Director & Chairman of the
Audit Committee
• Mr. Hemant Majethia: Independent Director
• Mr. Ganapathy Vishwanathan: Director
With the permission of shareholders, Notice & Directors Report is considered as read. Company Secretary may please read the agenda items.
Mr. Vineet Chopra
Agenda Items for today’s meeting are:
Regd. Office
73-A, SDF-III, SEEPZ, Andheri (E), Mumbai-400
096, India Tel.: +91-22-2829 0303; +91-22-4488 4488; Fax:
+91-22-2829 0603
Website
www.igenesys.com;
E-mail:[email protected] CIN:
L65990MH1983PLC029197
Special Business
1. Raising of funds through issue of Compulsorily Convertible Debentures
(CCD) Convertible into Equity Shares on Preferential Allotment Basis to the Non-Promoter.
2. Raising of funds through issue of Warrants Convertible into Equity
Shares on Preferential Allotment Basis to the Non-Promoter.
Mr. Sajid Malik
Auditor’s Report has no qualification or adverse observations, I consider it as read.
Now I invite members to raise queries.
Mr. Vineet Chopra
We have Mr. Yusuf Rangwala and Ms. Lekha Shah as registered speakers.
They both were invited however not present at the meeting.
Mr. Vineet Chopra
Thankyou. With this, we can conclude the question session from shareholders. I would like to inform all the members who could not cast their votes through remote e-voting can cast their vote now on this portal in next few Minutes present at the meeting.
Mr. Sajid Malik
This concludes the business of the EGM of the Company. I thank you all the members and the Board for the participation and smooth conduct of the meeting.
*********************************
Regd. Office
73-A, SDF-III, SEEPZ, Andheri (E), Mumbai-400
096, India Tel.: +91-22-2829 0303; +91-22-4488 4488; Fax:
+91-22-2829 0603
Website
www.igenesys.com;
E-mail:[email protected] CIN: