Update on MCA Inspection - MCA Finds no Irregularities and no Further Action Pending Pertaining to Vakrangee

MUMBAI, India, May 6, 2019 /PRNewswire/ -- Vakrangee Ltd. today announced that it has received an update on the Inspection report from Ministry of Corporate Affairs which clearly states that pursuant to Inspection of Books of Accounts of the company for the last three years, there are no irregularities and there is no further action pending pertaining to it with respect to the below mentioned matters.

Earlier in September 2018, the Ministry of Corporate affairs (MCA) had ordered the Inspection of Books of Accounts for a period of three financial years to be conducted in terms of Section 206(5) of the Companies Act 2013. The scope, inter alia, included:-

• Resignation of Price Water House and Co Chartered Accountants LLP as Statutory Auditors of the Company
• Abnormal trading of the Company stock and consequent action taken by the Stock Exchanges
• Income Tax Assessment order and Tax Audit report for the last 5 years
• Shareholding structure of the Company

The Ministry of Corporate Affairs finds no irregularities and there is no further action pending pertaining to Vakrangee with respect to the above mentioned matters.

The MCA has however asked for certain routine explanatory information regarding the Amount collected from the Franchisee's and with regard to disclosure requirement of Other Assets & Liabilities.

About Vakrangee Limited: (BSE Code: 511431) (NSE Code: VAKRANGEE)

Incorporated in 1990, Vakrangee is the unique technology driven company focused on building India's largest network of last-mile retail outlets to deliver real-time Banking & Financial Services, ATM, insurance, e-governance, e-commerce and logistics services to the unserved rural, semi-urban and urban markets. The Assisted Digital Convenience stores are called as 'Vakrangee Kendra' which acts as the 'One-stop shop' for availing various services and products. Vakrangee has been at the forefront in financial inclusion space in India. It has signed 'Common BC' and 'National BC' agreements with various public sector banks for offering real-time banking to unserved and underserved rurban population. Banking at 'Vakrangee Kendra' outlets is a unique experience with disruptive technology like APS, e-KYC, inter-operability and real-time transactions. In addition to banking 'Vakrangee Kendra' outlets also provide insurance products, e-governance services and e-commerce products.

Media Contact:
Ammeet Sabarwal
Chief Corporate Communications & Strategy Officer
ammeets@vakrangee.in

Vakrangee Limited – www.vakrangee.in