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About Us

We Established Since 1933 to Safeguard Your Wealth

Industrial Investment Trust Limited (IITL), was incorporated in the year 1933 as an investment trust company. IITL sought to provide its shareholders an expert advice on investment portfolio. Original subscribers to the paid up capital included prominent members of the financial community in India and England, including Insurance Companies such as Prudential, United and Oriental and some of the most princely families in India. IITL is listed on Bombay Stock Exchange Limited (BSE) and The National Stock Exchange of India Limited (NSE).

IITL obtained Certificate of Registration from Reserve Bank of India in the year 2000 to carry on as a Non Banking Financial Company (NBFC) without accepting Public Deposits. The main objectives of the holding company are to carry on the business as an Investment Company and to invest in shares, stock, debentures and bonds. The Company also undertakes activities such as Private Equity and Margin Funding and holds prime properties. The Company has been consistently paying dividend to the shareholders over the years and also made Bonus Issue three times.

Board of Directors

Dr. Bidhubhusan Samal
Executive Chairman

He is the Executive Chairman of the Company. He has a Ph D in Economics and is also a Gold Medalist in M.Sc (Agricultural Economics). He is a Post Graduate Diploma holder in Bank Management. He has served as the Chairman & Managing Director of Allahabad Bank and as the Chairman & Managing Director of Industrial Investment Bank of India. He has also been a member of the Securities Appellate Tribunal (SAT).

Mr. Bipin Agarwal
Non-Independent & Non-Executive Director

He is a qualified Company Secretary, is a first generation entrepreneur with extraordinary business acumen and entrepreneurial spirit who has excelled in building, fostering and leading a number of organizations in India. Under his stewardship, the group has been managing wide-ranging advisory, consulting and syndication services for the corporate. Mr. Bipin Agarwal, Promoter Director of IITL Group, has an illustrious career spanning over 25 years in business including finance and management expressly portfolio management and administration. He has an abounding experience in fund raising both equity and debt. He has expertise in financial & corporate structuring, mergers & acquisitions.

Mr. Venkatesan Narayanan
Independent Director

He has over 26 years of experience in senior management having worked with leading consulting companies and has experience spread over venture management / TEFS / Commercial due diligence and also in facilitating financial closure in respect of infrastructure projects, including interacting with funding institutions and banks. He has consulting expertise in the infrastructure arena, having been associated with several projects covering roads and bridges, power, tourism and urban infrastructure. He is presently a free-lance consultant and is advising a few Corporate.

Mr. Milind S. Desai
Independent Director

He is a Chartered Accountant. He has graduated in Commerce and also in General Indian Laws and holds B.Com and LL. B. (Gen.) degrees from the University of Bombay. He has more than 28 years of experience in the fields of Merchant Banking, Finance & Accounts, Taxation, Corporate Re-structuring, etc.

Ms. Sujata Chattopadhyay
Independent Director

A fellow member of the Institute of Cost Accountants of India and the Institute of Company Secretaries of India, Sujata Chattopadhyay is a registered Insolvency Professional with over 29 years post qualification experience. Starting her career as a Cost Accountant, she has worked across various industries and geographies. Presently in full time practice as a Company Secretary, Sujata was a whole time director with Choice Capital Advisors Private Limited, a Merchant Banking company. She is an independent Director at Revalyu Recycling (India) Limited (previously Polygenta Technologies Limited), Steel Exchange India Limited, Vakrangee Limited, Felguera Graus India Private Limited and Resolve India Private Limited.

Mr.S. Thiruvenkatachari
Non Independent Non Executive Director (Representative of LIC of India)

He is M.Com Bus-Admn, FIII. He retired as Executive Director from LIC of India on 30th November 2023. He represents LIC of India as nominee Director. He has experience of more than 34 years in Life Insurance Industry in India. During his tenure in Corporation he has worked in different positions and Geographical locations gathering rich experience. As Chief and also as Executive Director of CRM he was instrumental in simplifying claims settlement Operations which facilitated quick claim settlement. His initiative of writing Process flow of validation of Claimants through NPCI helped in settling claim in time as well as in preventing wrong payments. He was Marketing Manager for 5 Years and was also Headed 2 Divisional Offices and 3 Branch Offices of Corporation. He has rich experience in Marketing, Managing and Auditing of Life Insurance Operations.

Management Team

Mrs. Cumi Banerjee
CEO (Secretarial, Legal and Administration) & Company Secretary

Started corporate journey with a Multi-National Company (MNC) USA based as Statistician. Thereafter was promoted as Company Secretary, worked for 17 years. Subsequent to that practised as Advocate, Mumbai High Court. Currently working at IITL Group as Chief Executive Officer & Company Secretary from last 21 years.

Mr. Sameer Gaikwad
CEO – NBFC Operations

He is a MBA (Marketing) and B.E. (Mechanical) by qualification. He possesses vast experience in Assets, Liabilities and Payments Department of the Bank. He has strong business acumen and a proven track-record of stamping success in uncertainties & challenges across the entire gamut of Banking Sales & Operations. He has in-depth understanding of all processes connected with Banking industry including RBI obligations & guidelines.

Mr. Bhavin Zaveri
Group CFO

He is a Fellow Member of The Institute of Chartered Accountants of India (F.C.A). He has also completed CPA from Montana State Board of Accountancy (United States of America) in January’ 2022 and a course on IFRS conducted by ICAI. He has more than 20 years of experience in finalization of accounts as per Indian GAAP, Budgeting, MIS reporting, statutory compliances etc.

DETAILS OF FAMILIRIZATION PROGRAMMES IMPARTEDTO INDEPENDENT DIRECTORS

In view of the provisions of Schedule IV to the Companies Act, 2013 read with the provisions of Regulation 25(7) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, the Independent Directors are familiarized by the Company on the following matters:

  • Nature of Industry in which the Company operates
  • Business model of the Company
  • Roles, Rights, Responsibilities of Independent Directors and
  • Other relevant information

The Independent Directors who are newly appointed are given a brief profile of the Company which provides the details of the Industry in which the Company operates business of the Company and its Associates and Joint Ventures. They are also provided a copy of Annual Reports, presentations, recent press releases, Memorandum and Articles of Association.

The Company believes that the Board Members should be continuously made aware of the latest development in the Company’s business and the external environment affecting the Company and the Industry as whole.

After the conclusion of every Board Meeting every quarter, the Company through its Chairman / Key Managerial Personnel conducts programmes/presentations to familiarize the Independent Directors with strategy operations, functions of the Company, the policies, changes in Regulatory environment in which the operates. Besides that the Independent Directors are also apprised of working capital management, fund flows, Compliance of tax and other laws.

The programmes/power point presentation enables the Independent Directors to understand the Company’s strategy, business model, markets, organization structure, risk management and such other areas from time to time

A detailed appointment letter incorporating the roles, duties and responsibilities, remuneration and performance evaluation process is issued for acceptance of Independent Directors.

The Independent Directors were informed on their roles, rights and responsibilities in context with the new Companies Act, 2013, SEBI Guidelines on Corporate Governance and the SEBI ( Listing Obligations and Disclosure Requirements ), Regulations, 2015.

A special meeting of Independent Directors is also held to discuss issues of immediate requirements.

Details of familiarization programmes imparted till date
Date of programme Details of programme
August 08, 2017 Familiarization programme was held for the Director on the following:
1) Goods and Service Tax (GST) and its applicability on NBFC.
2) Master Direction of Reserve Bank of India dated June 08, 2017 on Information Technology Framework for the NBFC Sector
May 29, 2018 Familiarization programme was held for the Director on the following:
1) Notification dated May 09, 2018 issued by Securities and Exchange Board of India on SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018
2) SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2018/79 dated May 10, 2018 w.r.t. implementation of certain recommendations of the Committee on Corporate Governance under the Chairmanship of Shri UdayKotak
3) Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2018 dated May 07, 2018 issued by MCA with regard to amendment in Rule 5 on Qualifications of Independent Director
February 12, 2019 Familiarization programme was held for the Director on the following:
1) Notification dated November 16, 2018 issued by Securities and Exchange Board of India on SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018
2) Circular dated December 07, 2018 issued by SEBI for Disclosure of significant beneficial ownership in the shareholding pattern
3) Notification dated December 31, 2018 issued by Securities and Exchange Board of India on SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018
4) Notification dated January 12, 2019 on the Companies (Amendment) Ordinance 2019 issued by Ministry of Law and Justice
May 23, 2019 Familiarization programme was held for the Director on the following:
1) Circular dated March 29, 2019 issued by Securities and Exchange Board of India (SEBI) for Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity.
2) Ministry of Corporate Affairs (MCA) vide its Notification dated April 30, 2019 have notified the Companies (Acceptance of Deposits) Second Amendment Rules, 2019 regarding filing of one time return in DPT-3 Form by every company other than Government Company
3) Notification dated February 08, 2019 issued by the Ministry of Corporate Affairs (MCA) on declaration of Significant Beneficial Owners (SBO) in an Indian company
August 19, 2019 Familiarization programme was held for the Director on the following:
1) Compliance w.r.t. Clause 7B of Part A of Schedule III of SEBI (LODR) on resignation of independent director and an e-mail received from nse on the same
2) SEBI Circular No. SEBI/HO/CFD/DCR1/CIR/P/2019/90 dated August 07, 2019 on Disclosure of reasons for encumbrance by promoter of listed companies
3) Highlights of the important amendments in the Companies (Amendment) Act, 2019
4) RBI Direction DBR.No.BP.BC.45/21.04.048/2018-19 dated June 07, 2019 on Prudential Framework for Resolution of Stressed Assets
5) RBI Master Direction DNBR. PD. 008/03.10.119/2016-17 issued for Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 updated as on August 02, 2019
November 13, 2019 Familiarization programme was held for the Director on the following:
1) Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. This was announced by the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitaraman during the Press Conference in Goa on September 20, 2019 as a Press Note of even date.
2) MCA’s Notification dated October 22, 2019 on Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019.
3) MCA’s Notification dated October 22, 2019 on Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019.
June 26,2020 1) Circular dated May 20, 2020 issued by SEBI on Advisory on disclosure of material impact of COVID – 19 pandemic on listed entities under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’ / ‘LODR’):
2) Circulars dated March 19, 2020, March 26, 2020, April 13, 2020 and May 12, 2020 issued by SEBI on Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the CoVID -19 virus pandemic:
3) Circular dated March 27, 2020 issued by SEBI on Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations) due to the COVID-19 pandemic:
4) Ministry of Corporate Affairs (MCA) vide its General Circular No.12/2020 dated March 30, 2020 have introduced Companies Fresh Start Scheme, 2020:
5) Ministry of Corporate Affairs (MCA) vide its Notification dated March 19, 2020 issued the Companies (Meetings of Board and its Powers) Amendment Rules, 2020 regarding holding of the Board Meetings on matters referred to in sub-rule (1) of Rule 4 of the said Rules through video conferencing or other audio visual means in accordance with rule 3
6) Ministry of Corporate Affairs (MCA) vide its General Circular No.20/2020 dated May 05, 2020 regarding holding of annual general meetings by companies through video conferencing or other audio visual means
February 12, 2021 SEBI Circular dated 15.01.2021 on Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the COVID-19 pandemic
March 24, 2021 1) 74% FDI in Insurance Sector (Business Standard-11.03.2021)
2) SEBI Circular No. SEBI/HO/ISD/ISD/CIR/P/202 dated September 09, 2020 on Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 - System driven disclosures
June 25, 2021 1) Circular dated April 29, 2021 issued by SEBI on Relaxation from compliance with certain provisions of the SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015 due to the CoVID-19 pandemic
2) Reserve Bank of India guidelines for posting Statutory Auditors of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) dated April 27, 2021
3) Circular dated May 03, 2021 issued by Ministry of Corporate Affairs on gap between two board meetings under Section 173 of the Companies Act, 2013
November 11, 2021 1) MCA has made amendments in Schedule III (General Instructions for Preparation of Balance Sheet and Statement of Profit and Loss) to the Companies Act, 2013 vide its notification dated March 24, 2021; Changes effective from April 01, 2021
2) SEBI has amended SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015 vide its notification dated August 03, 2021; Changes effective from January 01, 2022
a) SEBI’s amendments on Obligations with respect to Independent Directors
b) SEBI strengthens the criteria for determination of status of Independent directors
c) SEBI mandates Letter of resignation of the Independent director to be provided to the Stock Exchanges
d) SEBI mandates approval of Related Party Transactions by Independent Directors
e) SEBI mandates approval by Shareholders for Appointment of Directors at the next General meeting or within three months from the date of appointment whichever is earlier under Regulation 17(1C):
f) SEBI widens the role of Nomination and Remuneration Committee
g) SEBI stipulates Audit Committee to have at least Two-third representation as Independent Directors:
h) SEBI stipulates changes in the composition of Nomination and Remuneration Committee
March 24, 2022 1) SEBI Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated January 25, 2022 on Issuance of Securities in dematerialized form in case of Investor Service Requests
August 13, 2022 1) SEBI Circular dated 25.05.2022 on Simplification of procedure and standardization of formats of documents for issuance of duplicate securities certificates:
2) SEBI Circular dated 05.08.2022 on Trading Window closure period under Clause 4 of Schedule B read with Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) – Framework for restricting trading by Designated Persons (“DPs”) by freezing PAN at security level
November 14, 2022 1) MCA has vide Notification dated September 20, 2022 has amended the Companies (CSR Policy) Amendment Rules, 2022; Changes effective from September 20, 2022
2) RBI vide Circular No. RBI/2021-22/112 DOR.CRE.REC.No.60/03.10.001/2021-22 has issued Guidelines on Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs
3) SEBI Circular No. SEBI/HO/OIAE/IGRD/P/CIR/2022/0150 dated November 07, 2022 on redressal of investor grievances through the SEBI Complaints Redress System (SCORES) platform
March 04, 2023 1) SEBI Circular No. SEBI/HO/OIAE/2023/03391 dated January 27, 2023 on Generating awareness on availability of Dispute Resolution Mechanism at Stock Exchanges against Listed Companies / Registrar to an Issue and Share Transfer Agents (RTAs)
Attendance of Independent Directors in the Programmes
Name of Independent Directors No. of programmes attended No. of hours spent in the programmes attended
F.Y. 17-18 F.Y. 18-19 F.Y. 19-20 F.Y. 20-21 F.Y. 21-22 F.Y. 22-23 On cumulative basis till date F.Y. 17-18 F.Y. 18-19 F.Y. 19-20 F.Y. 20-21 F.Y. 21-22 F.Y. 22-23 On cumulative basis till date
Mr. Subhash C. Bhargava * 1 1 NA NA NA NA 2 1 1 NA NA NA NA 2
Mr. Venkatesan Narayanan 1 2 3 3 3 3 15 1 2 3 3 3 3 15
Ms. Sujata Chattopadhyay - 1 2 3 3 3 12 - 1 2 3 3 3 12
Mr. Milind S. Desai @ N.A 1 3 3 3 3 13 N.A 1 3 3 3 3 13
* Ceased to be an Independent Director w.e.f. December 31, 2018 @ Appointed as an Additional Director w.e.f. February 12, 2019 * Re-appointed as Independent Director w.e.f. September 22, 2023

DEMAND/CALL LOANS/CORPORATE GUARANTEE

The rate of interest shall be in consonance with prevailing market rate, rates released by Fixed Income Money Market and Derivatives Association of India (FIMMDA) and the rates of various Government securities and subject to such other terms and conditions as may be mutually agreed upon at the time of execution of the loan / facility agreement.

The cut-off date for the repayment of the demand / call loan / margin funding shall be within a period of One year. Reasons will be recorded in writing at the time of sanctioning demand or call loan, if the cut-off date for demanding or calling up such loan is stipulated beyond one year from the date of sanction.

The interest on such loans / margin funding shall be payable either on monthly/quarterly rest. The payment due date for such interest is on the last day of the month/quarter.

Reasons will be recorded in writing, if interest reduction / moratorium is granted for any specific period while sanctioning the loan / margin funding.

Committee for Investments / Loans and Risk Management of the Company is authorized to grant loans, make investments and give guarantees within monetary limits as stipulated under the Prudential norms of RBI.

Corporate & Registered Office

Industrial Investment Trust Limited (IITL)

Office No. 101A, B wing,"The Capital",
G-Block, Plot No.C-70, Bandra Kurla Complex,
Bandra (East), Mumbai - 400051.

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022-43250100

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