SecUR Credentials Limited has restructured its top leadership by elevating Mr. Ashish Ramesh Mahendrakar to the role of Managing Director and appointing four new directors to its Board. The changes, approved by the Board of Directors on July 17, 2026, include the induction of three Independent Directors and a new Chief Financial Officer, alongside the acceptance of resignations from three existing directors.

Mr. Ashish Ramesh Mahendrakar, formerly the Executive Director, has been redesignated as Managing Director with effect from July 17, 2026, subject to the approval of the company's members. He brings over 18 years of experience in accounts, banking, and finance. Concurrently, the Board appointed Mr. Soni Agarwal as the new Chief Financial Officer and Key Managerial Personnel, effective immediately, under the provisions of the Companies Act, 2013. Mr. Mahendrakar resigned from the post of Chief Financial Officer on the same date.

The Board expanded its strength by appointing Mr. Yogesh Kumar as an Additional Director in the category of Non-Executive (Non-Independent) Director, liable to retire by rotation. Additionally, Ms. Shivi Jindal, Ms. Gitika Garg, and Ms. Apra Sharma were appointed as Additional Directors in the category of Non-Executive (Independent) Directors for a term of five years. These appointments are effective July 17, 2026, and are subject to shareholder approval. None of the new appointees are related to the existing directors of the company.

In a significant overhaul, the Board accepted the resignations of Mr. Amit Kumar Bharti and Mr. Shireen Mohd Haneef Khan from the positions of Non-Executive Independent Director, effective July 17, 2026. Mr. Bhimsen Vishwanath Pawar also resigned as Executive Director, effective July 18, 2026. The resignations were attributed to personal reasons, with no material discrepancies cited.

Following these changes, the company reconstituted its key committees. The Audit Committee will be chaired by Ms. Shivi Jindal, while the Nomination and Remuneration Committee and the Stakeholders' Relationship Committee will see Ms. Shivi Jindal and Ms. Apra Sharma as Chairpersons, respectively. The disclosures were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Composition Changes

SecUR Credentials Limited reported a net loss of ₹712.78 lakh for the financial year ended March 31, 2024, on total income of ₹843.01 lakh. The company addressed 16 audit qualifications in its auditor's report, citing documentation gaps, staff shortages, and pending reconciliations as primary reasons for the lapses. The statutory auditor issued multiple opinions, including Disclaimer of Opinion and Adverse Opinion, highlighting significant deviations from accounting standards and disclosure norms.

The auditor issued a Disclaimer of Opinion regarding a debit balance of ₹205.09 lakhs in a director's ledger account. Management stated this amount represents expenses incurred on behalf of the company but acknowledged the absence of supporting invoices or vouchers. The company also failed to provide an actuarial valuation report for its gratuity plan, leading to a Qualified Opinion for non-compliance with Ind AS 19. Additionally, the auditor could not verify unbilled revenue or reconcile statutory dues due to missing records.

An Adverse Opinion was issued regarding the Expected Credit Loss (ECL) provision. The company did not provide ECL provisions on advances, resulting in non-compliance with Ind AS 109. Management argued that all advances are fully recoverable and therefore no provision was necessary. Furthermore, ₹331.26 lakhs due for a property purchase was booked as income, a treatment the company justified by stating the liability was no longer payable.

The report highlighted non-compliance with Schedule III of the Companies Act, 2013, specifically the failure to bifurcate MSME and non-MSME debtors and creditors. Disclosures regarding related party transactions under Ind AS 24 were also missing. Management attributed these failures to a shortage of staff. Other qualifications included the absence of documentation for business promotion expenses paid via credit card and insufficient details on contingent liabilities and bank guarantee commitments.

Financial Highlights for FY24