Key Corp Limited’s Board has approved the alteration of the Object Clause of its Memorandum of Association (MOA) to align with the Companies Act, 2013 and facilitate the expansion of its financial services activities. The decision, taken at a meeting held on July 15, 2026, aims to diversify the company's operations into housing finance, varied lending and credit facilities, and insurance distribution. These changes are intended to modernize the company's regulatory framework and broaden its business scope, subject to necessary approvals.

The proposed alterations specifically include the insertion of new sub-clauses to carry on housing finance business, subject to the rules of the National Housing Bank and the Reserve Bank of India. The company plans to provide long or short-term finance, loans, and advances to individuals, societies, and corporations. Additionally, the Board approved provisions to deal in various forms of security over movable and immovable properties to secure financial assistance granted by the company.

Further, the expansion encompasses a wide array of lending activities, including housing loans, loans against property, business loans, MSME loans, and gold loans. The company also seeks to undertake the business of soliciting insurance as an agent, intermediary, or broker for general and life insurance. The detailed alterations to Clause III(B) and III(C) will be outlined in a separate postal ballot notice.

The implementation of these alterations is contingent upon approval by the members of the company through a Special Resolution via postal ballot. The company must also secure other statutory and regulatory approvals required for the new business lines. The intimation was submitted to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Proposed Alterations

Key Corp Limited appointed Mr. Yogesh Yashpaul Chadha and Mr. Devesh Srivastava as Additional Directors (Independent and Non-Executive) for a term of five years commencing July 15, 2026, subject to shareholder approval via postal ballot. The board approved the appointments at its meeting held on July 15, 2026, following the recommendation of the Nomination & Remuneration Committee. These strategic additions aim to strengthen the company's governance framework as it seeks to expand its financial services portfolio.

Mr. Yogesh Yashpaul Chadha brings 37 years of experience in the financial services industry, having held senior CXO positions at banks such as Riyadh Investment Company, HSBC, and JP Morgan Chase. He is currently the Chairman of Sharekhan Limited and serves on the boards of Mirae Asset Investment Managers and Mirae Asset Financial Services. Mr. Devesh Srivastava, the former Chairman & Managing Director of General Insurance Corporation of India (GIC Re), joins with extensive experience in the insurance and reinsurance sectors, including international exposure in the UK and Europe.

The company confirmed that both appointees are not debarred from holding the office of director by virtue of any order from the Securities and Exchange Board of India (SEBI) or any other authority. The appointments were intimated to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board meeting commenced at 01:30 PM and concluded at 02:30 PM on July 15, 2026.

Director Profiles