Key Corp Limited has initiated a postal ballot process seeking shareholder approval to alter its object clause, aiming to expand its operations into housing finance and diversified lending activities. The company is also proposing the appointment of two independent directors and seeking approval to enhance its borrowing powers up to ₹500 crore to support its growth strategy. These resolutions require shareholder consent through a special resolution via remote e-voting, scheduled from July 20, 2024, to August 18, 2024.

The Board of Directors, at its meeting held on July 15, 2024, approved the alteration of the Memorandum of Association to align with the Companies Act, 2013. The proposed changes involve substituting existing headings and inserting new sub-clauses to enable the company to undertake housing finance, loans against property, MSME loans, gold loans, and insurance distribution. These activities will be subject to regulations from the National Housing Bank and the Reserve Bank of India.

Key Proposed Resolutions

The company has appointed Mr. Yogesh Yashpaul Chadha (DIN: 0168180) and Mr. Devesh Srivastava (DIN: 08846006) as Additional Directors (Independent and Non-Executive) effective July 15, 2024. Shareholder approval is sought to regularize their appointments for a term of five years ending July 14, 2029. Both directors bring extensive experience in financial services, insurance, and risk management.

To facilitate the proposed business expansion, the Board seeks approval to borrow monies exceeding the aggregate of the company's paid-up share capital and free reserves. The special resolution proposes a cap of ₹500 crore on the total outstanding borrowing amount. Additionally, shareholders are asked to authorize the Board to create security by way of charge, mortgage, or hypothecation on the company's movable and immovable properties to secure these financial facilities.

Amit Chordia (COP-25667) has been appointed as the Scrutinizer to conduct the postal ballot through remote e-voting. The voting period commences at 9:00 a.m. on July 20, 2024, and concludes at 5:00 p.m. on August 18, 2024. The results will be declared within two working days of the conclusion of voting. The intimation was submitted to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Corp Limited announced that all resolutions proposed at its 40th Annual General Meeting (AGM) were approved by shareholders. The meeting, held on July 15, 2026, at the company's registered office in Kanpur, saw the adoption of audited financial statements for the year ended March 31, 2026, the re-appointment of a director, and the appointment of statutory auditors.

The voting process combined remote e-voting, conducted via Central Depository Services (India) Limited (CDSL), and physical ballots at the venue. A total of 10,799 members were entitled to vote, with participation reaching 69.10% of the total equity shares. Specifically, 39 members holding 4,146,077 equity shares participated in e-voting, while 8 members holding 1,584 shares voted at the AGM venue.

Ratna Tiwari, a practicing Company Secretary appointed as the Scrutinizer, oversaw the voting process. The remote e-voting period was open from July 12 to July 14, 2026. The votes cast at the venue were counted immediately following the meeting, after which the remote e-votes were unblocked in the presence of independent witnesses.

The results showed strong shareholder approval across all items of business. The resolution to receive and adopt the audited financial statements received 4,147,643 votes in favor and 18 against. Similarly, the re-appointment of Dr. Mukul Agarwal, who retires by rotation, was approved with 4,147,643 votes in favor and 18 against.

Shareholders also appointed M/s. V.P. Aditya & Company, Chartered Accountants, as the statutory auditors and fixed their remuneration. This resolution received 4,147,618 votes in favor and 43 against. The detailed voting outcomes for each resolution are summarized below.

Voting Results Summary