SecUR Credentials Limited has corrected its disclosure regarding the outcome of a board meeting held on July 17, 2026, following an administrative oversight during a management transition. The company, listed on NSE Emerge, submitted a revised filing to the Bombay Stock Exchange and National Stock Exchange to rectify clerical errors in the initial intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The corrected disclosure details significant changes in the Board composition and key managerial personnel, effective from July 17, 2026.

The Board approved several appointments based on recommendations from the Nomination and Remuneration Committee. Ashish Ramesh Mahendrakar was promoted from Executive Director to Managing Director. Yogesh Kumar was appointed as an Additional Director in the category of Non-Executive (Non-Independent) Director, liable to retire by rotation. Additionally, Shivi Jindal, Gitika Garg, and Apra Sharma were appointed as Additional Directors in the category of Non-Executive (Independent) Directors for a term of five years, not liable to retire by rotation. Soni Agarwal was appointed as Chief Financial Officer and Key Managerial Personnel.

Concurrently, the Board noted multiple resignations. Amit Kumar Bharti and Shireen Mohd Haneef Khan resigned from their positions as Independent Directors. Bhimsen Vishwanath Pawar resigned as Executive Director. Ashish Ramesh Mahendrakar also resigned from his role as Chief Financial Officer, citing increasing professional commitments. All resignations were accepted with immediate effect, with no material disagreements reported between the resigning directors and the company.

The Board also reconstituted its committees effective from the conclusion of the meeting. The composition changes are detailed below:

The appointments of the independent directors and the promotion of Ashish Ramesh Mahendrakar are subject to shareholder approval. The company stated that the delay in intimating the exchanges was inadvertent and not deliberate, ensuring compliance with corporate governance standards.

SecUR Credentials Limited has released its unaudited standalone financial results for the quarter ended June 30, 2024, following a Board of Directors meeting held on April 17, 2026. The company, listed on NSE Emerge, recorded revenue from operations of ₹4.52 Lakh for Q1FY25, significantly lower than ₹1,000.59 Lakh reported in the corresponding quarter of the previous year. Total income stood at ₹5.10 Lakh, while total expenses amounted to ₹387.71 Lakh, resulting in a net loss of ₹382.61 Lakh for the quarter.

The financial results reveal challenging operational conditions with substantial expense burden. Employee benefits expense for the quarter was ₹84.07 Lakh, finance costs at ₹53.59 Lakh, and depreciation and amortization expenses at ₹69.93 Lakh. Other expenses accounted for ₹180.12 Lakh during the period. The company's paid-up equity share capital remained unchanged at ₹4,106.28 Lakh with a face value of ₹10 per share.

Financial Performance Comparison

Board Meeting and Regulatory Compliance

The Board of Directors meeting commenced at 5:30 p.m. and concluded at 6:00 p.m. on April 17, 2026, where the unaudited standalone financial results were considered and approved. The results were prepared pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. Director and CFO Ashish Ramesh Mahendrakar (DIN 03584695) signed the regulatory filings submitted to both BSE Limited (Scrip Code: 543625) and National Stock Exchange of India Limited (Symbol: SECURCRED).

Compliance and Audit Observations

JPMD & Associates, Chartered Accountants, conducted the limited review of the unaudited financial results and raised several significant concerns. The auditors noted that inventory disclosed in the financial statements was not found to exist during physical verification, indicating a possible overstatement of inventory in prior periods. Additionally, the company's website was not active as of the review date, preventing verification of statutory compliance regarding disclosure requirements.

The auditors highlighted that Goods and Services Tax (GST) returns, reconciliation statements, and supporting records were not made available for review. Similarly, Provident Fund and Employees' State Insurance challans, returns, and reconciliation statements were not produced for verification. Statutory dues outstanding as per opening balances remain unpaid as of June 30, 2024.

Key Non-Compliance Issues

The limited review report identified multiple areas of non-compliance with accounting standards and regulatory requirements:

Trade receivables and trade payables have been considered as certified by management without independent balance confirmations. The company has also not recognized Deferred Tax Assets on carried forward losses in accordance with Ind AS 12 requirements, citing uncertainty regarding the availability of future taxable profits.