Aravali Securities & Finance Limited is an Indian financial services firm headquartered in **Gurgaon, Haryana**. Listed on the **BSE Limited (BSE)**, the company operates within the capital markets and consultancy landscape, providing specialized financial guidance and active securities management. ### Core Business Operations and Revenue Streams The company operates through a single primary reportable segment under **Ind AS 108**, focusing on the delivery of professional financial services. Its business model is bifurcated into two main activities: * **Financial and Other Advisory Services:** Providing specialized consultancy, professional guidance, and strategic financial advice to corporate and individual clients. * **Dealing in Shares and Securities:** Active participation in Indian capital markets through the trading, management, and holding of equity and various financial instruments. The company maintains a lean operational structure as a standalone entity, with **no subsidiaries, joint ventures, or associate companies** as of the latest reporting cycle. ### Strategic Leadership Transition and Governance The company is currently undergoing a comprehensive overhaul of its leadership and governance framework. This transition marks a shift from a board dominated by non-executive oversight to a more structured executive leadership model designed to stabilize operations. #### **Executive Leadership Appointments** A pivotal component of the company’s growth strategy is the appointment of **Mr. Naresh Kumar Magoo** as **Managing Director**. Formerly an independent director, his transition to an executive role for a **5-year term** (effective **February 11, 2026**, to **February 10, 2031**) is intended to provide centralized operational leadership. #### **Board Composition and Committee Oversight** The company has systematically inducted **Non-Executive Independent Directors** to ensure regulatory compliance and diverse oversight. | Director Name | Category | Appointment Date | Term Expiry | | :--- | :--- | :--- | :--- | | **Mr. Naresh Kumar Magoo** | **Managing Director** | **Feb 11, 2026** | **Feb 10, 2031** | | **Mr. Subhash Chand** | **Independent Director** | **May 23, 2025** | **May 22, 2030** | | **Mr. Tara Chand Sagar** | **Independent Director** | **May 23, 2025** | **May 22, 2030** | | **Mr. Ved Prakash Arya** | **Independent Director** | **Mar 28, 2024** | **Mar 27, 2029** | | **Mr. Durga Prasad** | **Independent Director** | **Mar 28, 2024** | **Mar 27, 2029** | **Key Management Personnel (KMP):** * **Ranjan Kumar Poddar**: Chairman & Managing Director * **Sushil Kumar**: Chief Financial Officer * **Ruchi Shrivastava**: Company Secretary #### **Audit and Compliance Oversight** The **Audit Committee** was reconstituted in **January 2026**, comprising **Tara Chand Sagar**, **Ved Prakash Arya**, and **Rakesh Bhartia**. To ensure long-term legal due diligence and adherence to securities laws, the company appointed **Gaurav Arora & Co.** as **Secretarial Auditors** for a **5-year term** spanning **FY 2025-26 to FY 2029-30**. ### Financial Performance and Capital Structure The company’s recent financial history is characterized by revenue volatility and persistent net losses, which have led to a significant erosion of its equity base. #### **Comparative Financial Summary** | Particulars (₹ in Lakhs) | FY 2023-24 | FY 2022-23 | FY 2021-22 | | :--- | :---: | :---: | :---: | | **Total Revenue** | **74.02** | **64.66** | **356.34** | | **EBITDA (Loss)** | **(5.97)** | **(12.34)** | *Not Disclosed* | | **Profit After Tax (Loss)** | **(44.42)** | **(31.87)** | *Not Disclosed* | | **Total Comprehensive Income** | **(43.86)** | **(34.21)** | *Not Disclosed* | #### **Solvency and Asset Profile** * **Share Capital:** The paid-up share capital is **₹ 15,15,38,500**, representing **1,51,53,850 equity shares** at a face value of **₹ 10** each. * **Net Worth:** The company reports **Negative Total Equity** due to accumulated losses. As of March 2023, **Other Equity** stood at **₹ -1534.18 Lakh**. * **Borrowings:** Financial liabilities included borrowings of **₹ 341.16 Lakh** (FY23). * **Asset Base:** Total assets as of late 2023 included **Non-Current Assets** of **₹ 291.23 Lakh** (primarily Property, Plant & Equipment) and **Current Assets** of **₹ 59.35 Lakh** (including **₹ 38.32 Lakh** in cash). * **Dividends:** No dividends have been recommended for recent reporting periods. ### Related Party Transactions The company maintains financial relationships with several entities influenced by its management. These transactions primarily involve leasing and short-term financial support. **Key Related Entities:** * **Carma Arts & Crafts Private Limited** * **Devi Overseas Private Limited** * **Carma Creative Private Limited** * **Remus India Private Limited** **Financial Exposure (Half-Year Ended Sept 2024):** * **Lease/Rent Income:** **Rs. 42.30 lacs** * **Interest Expenditure:** **Rs. 6.02 lacs** * **Loans Received:** **Rs. 10.00 lacs** * **Outstanding Payables:** **Rs. 254.40 lacs** (to KMP/Directors) and **Rs. 158.80 lacs** (to influenced enterprises). ### Risk Management and Regulatory Challenges Aravali Securities operates under a risk framework monitored by the **Audit Committee**, as it is not mandatorily required to have a separate Risk Management Committee. #### **Regulatory Penalties** In **January 2026**, the **BSE Limited** imposed a significant fine of **₹14,26,620** (including GST) for non-compliance with **SEBI (LODR) Regulations, 2015**. The violations pertained to: * **Regulation 17(1)**: Deficiencies in Board Composition. * **Regulation 18(1)**: Audit Committee requirements. * **Regulation 19 & 20**: Nomination, Remuneration, and Stakeholders Relationship Committee requirements. #### **Financial Risk Assessment** | Risk Category | Assessment | | :--- | :--- | | **Credit Risk** | **Insignificant**; liquid assets are held with high-rated banks and mutual funds. | | **Liquidity Risk** | Management maintains that liquidity is sufficient to meet liabilities for at least **one year** from the balance sheet date. | | **Interest Rate Risk** | Borrowings are at **fixed rates**; while this provides payment certainty, it exposes the company to relative losses if market rates drop. | | **Market Risk** | Ongoing monitoring of **Exchange Risk** and **Commodity Price Risk** for potential asset impairment. | While the Board identifies no immediate threat to the company's existence, the combination of **negative net worth** and **regulatory friction** remains a primary concern for long-term viability.