India Lease Development Limited (**ILD**) is a **Category ‘B’ Non-Banking Financial Company (NBFC)** registered with the **Reserve Bank of India (RBI)** under **Section 45IA** of the RBI Act, 1934. Historically a player in the **Hire Purchase & Leasing** sector, the company is currently in a transitional phase, having **discontinued fresh business exposure** to focus on asset recovery, liability liquidation, and capital preservation. --- ### **Strategic Pivot: Asset Realization and Recovery Focus** ILD has shifted its operational mandate from active lending to the systematic wind-down of its existing portfolio. The company’s current strategy is defined by: * **Cessation of New Business:** No fresh hire purchase or leasing contracts are being underwritten. * **Legal Recourse:** Management is aggressively pursuing **legal remedies** to maximize realizations from defaulting customers and non-performing assets. * **Going Concern Status:** Despite **cumulative losses**, the financial statements are prepared on a **going concern** basis. This is predicated on management’s assessment that the realization of existing assets will generate sufficient liquidity to settle all outstanding liabilities. * **Lean Operations:** The company maintains a minimal organizational footprint with only **5 permanent employees**. The median remuneration stands at **₹30,791**, with a modest average increase of **8%** in the most recent fiscal cycle. --- ### **Capital Structure and Solvency Metrics** ILD has successfully transitioned to a **debt-free status**, significantly de-risking its balance sheet. While accumulated losses (including Other Comprehensive Income) totaled **₹1,827.73 Lacs** (rising to **₹1,842.45 Lacs** in late 2024), these have been adjusted against the **General Reserve**, **Securities Premium**, and **Paid-Up Share Capital**. | Metric | Value / Status | | :--- | :--- | | **Net Worth** | **₹1,118.56 Lacs** (as of latest reporting) | | **Debt Status** | **Debt-Free** | | **Gearing Ratio Target** | Within **30%** (Net debt / Total capital) | | **Current Ratio (2023)** | **6.77** (Up from **3.12** in 2022) | | **Taxation Provision** | **NIL** (Due to carried forward losses and unabsorbed depreciation) | --- ### **Investment Portfolio and Liquidity Management** The company manages a portfolio of quoted equity shares and mutual funds, primarily listed on the **BSE**. * **Divestment Activity:** In **September 2025**, ILD liquidated its holding in **Jayabharat Credit Limited**. This was an off-market transaction due to the shares being **thinly traded**, resulting in a loss of **₹35.80 Lakhs** (accounted for in Other Comprehensive Income). * **Market Sensitivity:** The company’s valuation is sensitive to the **BSE Index**. While price risk is monitored, management does not expect material impacts for the fiscal year ending **March 31, 2026**. * **Cash Management:** Liquidity is maintained through short-term bank deposits (maturities under one year) with high-credit-rated financial institutions. --- ### **Governance Framework and Key Leadership** The Board maintains a balance of Independent and Non-Independent Directors, with a notable lack of executive compensation at the Board level. **Board of Directors** * **Shri Rajiv Gupta:** Chairman (Non-Executive Non-Independent) * **Ms. Sumana Verma:** Director (Non-Executive Non-Independent) * **Shri Dinesh Agnani:** Independent Director * **Shri Karun Pratap Hoon:** Independent Director * **Mrs. Leena Tuteja:** Independent Director (Appointed **Sept 2024**) **Key Managerial Personnel (KMP) Compensation** | Name | Role | Annual Compensation | | :--- | :--- | :--- | | **Shri Rohit Madan** | Manager, CS & **CFO** | **₹14,23,699** | | **Shri Murali S** | **CEO** | **₹6,33,226** | | **Shri Arun Mitter** | **COO** (Appointed Sept 2024) | *N/A (Recent Appointment)* | --- ### **Shareholding Dynamics and Market Data** The company’s equity consists of **1,47,00,291 shares**, with high levels of dematerialization. **Shareholding Pattern (as of March 31, 2025)** * **NSDL:** **84.55%** * **CDSL:** **8.62%** * **Physical:** **6.83%** **Recent Ownership Shifts:** * **Institutional Exit:** **Punjab National Bank (PNB)** fully exited its **5.05%** stake in the secondary market between **March and August 2024**. * **Promoter Consolidation:** **Ram Prakash & Company Pvt Ltd** acquired **41,000** shares in **August 2024**. Chairman **Rajiv Gupta** also made a minor purchase of **5,000 shares (0.034%)** in **March 2025**. --- ### **Related Party Framework** ILD maintains strategic and financial relationships with specific entities, governed by arm’s length principles. Shareholders recently approved material transactions with **M/s Ram Prakash & Company Private Limited** with a **99.65%** majority. Authorized related parties include: * **The Motor & General Finance Limited** * **Ram Prakash & Company Private Limited** * **Bahubali Services Private Limited** --- ### **Risk Assessment and Mitigation** | Risk Type | Description and Mitigation | | :--- | :--- | | **Operational Risk** | Dependency on the successful realization of legacy assets to maintain **Going Concern** status. | | **Market Risk** | Exposure to equity price volatility; mitigated by focusing on BSE-listed instruments. | | **Interest Rate Risk** | **Minimal to None**; the company has no borrowings and only limited exposure via bank deposits. | | **Regulatory Risk** | Compliance with evolving **RBI** and **SEBI** norms, including new thresholds for Related Party Transactions (**₹1,000 crore or 10% of turnover**). | | **Legislative Risk** | Potential impact on employee benefit liabilities following the future notification of the **Code on Social Security, 2020**. |