Surat trade & mercantile Limited has formally declared to BSE Limited that it does not qualify as a "Large Corporate" under SEBI's regulatory framework for the financial year 2025-26. The declaration was submitted on April 10, 2026, confirming the company's compliance status with regulatory requirements.

Regulatory Framework Declaration

The company has confirmed that as of March 31, 2026, it does not fall under the categories specified in Para No. 2.2 of SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. This classification determines whether companies are subject to additional disclosure and compliance requirements under the Large Corporate Framework.

Compliance Implications

Due to its non-Large Corporate status, Surat Trade & Mercantile Limited is exempt from specific disclosure requirements. The company is not required to file the disclosure mentioned in "Annexure A" of the SEBI circular. Additionally, since the company did not fall under the Large Corporate category for financial year 2025-26, the Annual Disclosure requirement as per Annexure B1 of the circular is also not applicable.

Corporate Structure

The company, formerly known as Surat Textile Mills Limited, operates under its current name following a corporate restructuring. Company Secretary and Compliance Officer Mahek Gaurav Jaju signed the declaration, ensuring proper documentation and regulatory compliance.

This declaration provides clarity to stakeholders regarding the company's regulatory obligations and confirms its adherence to SEBI's compliance framework for the upcoming financial year.

Surat Trade & Mercantile Limited (formerly Surat Textile Mills Limited) conducted a separate meeting of Independent Directors on March 24, 2026, in compliance with regulatory requirements. The meeting was held through video conference and addressed key governance matters as mandated under SEBI regulations.

Regulatory Compliance and Meeting Framework

The meeting was conducted pursuant to Regulation 25(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Schedule IV of the Companies Act, 2013. This regulatory framework requires companies to hold separate meetings of Independent Directors to ensure effective board governance and oversight.

Key Meeting Agenda Items

The Independent Directors addressed three critical areas during their deliberations:

Board Performance Evaluation

The Independent Directors conducted a comprehensive review of the performance of Non-Independent Directors and evaluated the Board's overall effectiveness. This assessment forms a crucial part of the company's governance framework, ensuring accountability and transparency in board operations.

Chairperson Performance Assessment

A significant portion of the meeting focused on reviewing the performance of the Company's Chairperson. The evaluation incorporated views and suggestions from all executive directors and independent directors, providing a comprehensive assessment of leadership effectiveness.

Information Flow Quality Review

The Independent Directors assessed the quality, quantity, and timeliness of information flow between the Company's management and the Board. This evaluation ensures that directors receive necessary information to effectively and reasonably perform their duties and make informed decisions.

Regulatory Disclosure

Company Secretary and Compliance Officer Mahek Gaurav Jaju communicated the meeting outcome to BSE Limited, fulfilling the mandatory disclosure requirements. The company maintains its listing on BSE with scrip code 530185, ensuring transparency with stakeholders and regulatory compliance.