Surat Trade & Mercantile Surat Trade & Mercantile conducted its First Extra-Ordinary General Meeting (EGM) for the Financial Year 2026-27 on August 10, 2026. The meeting, held via Video Conferencing/Other Audio-Visual Means (VC/OAVM), addressed three critical governance and operational matters: the re-appointment of a key executive, an expansion of corporate investment powers, and the ratification of material related-party transactions.

The proceedings commenced at 11:30 a.m. (IST) and concluded at 12:03 p.m. (IST). The company confirmed that the required quorum was present to commence business. In compliance with Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014, shareholders were provided remote e-voting facilities. Voting commenced on August 7, 2026, at 9:00 a.m. and ended on August 9, 2026, at 5:00 p.m., with voting rights determined based on the shareholding record as of August 1, 2026.

The Board placed three resolutions before the shareholders for approval. The first resolution sought to re-appoint Suhail P. Shah (DIN: 00719002) as Whole-Time Director for a period of five years. This ordinary resolution ensures continuity in executive leadership. The second resolution, classified as a special resolution, aimed to increase the limit for making investments, providing loans, giving guarantees, and securities under Section 186 of the Companies Act, 2013. This adjustment is typically intended to provide the company with greater financial flexibility for strategic capital allocation.

The third resolution involved the approval and ratification of Material Related Party Transactions with Mr. Alok P. Shah (DIN: 00218180), Managing Director, which exceeded prescribed limits for the Financial Year 2025-26. This ordinary resolution serves to regularize past transactions in compliance with regulatory norms. All three resolutions were voted upon via remote e-voting and e-voting during the EGM (Insta-poll).

M/s. Jigar Vyas & Associates, Practicing Company Secretaries, Surat, appointed Mr. Jigar Vyas (FCS No. 8019, CP No. 14468) as the Scrutinizer to oversee the voting process. Kfin Technologies Limited facilitated the e-voting infrastructure. The consolidated outcome of the voting is pending the receipt of the Scrutinizer's Report and will be disclosed subsequently on the company’s website and to the stock exchanges.

Resolutions Transacted at the EGM

The meeting was conducted in adherence to General Circulars issued by the Ministry of Corporate Affairs (MCA) and Circulars issued by the Securities and Exchange Board of India (SEBI). Ankita Prasiddha Shroff, Company Secretary and Compliance Officer, certified the proceedings.

Surat Trade & Mercantile Limited has issued a corrigendum to its Extra-Ordinary General Meeting (EGM) notice, rectifying inadvertent errors in the tabular disclosure regarding the materiality threshold for related party transactions. The EGM is scheduled for August 10, 2026, via Video Conferencing. The correction clarifies that the value of aggregate transactions during the year exceeded the prescribed materiality limit, necessitating shareholder ratification.

The company disclosed that the consolidated turnover for the year ended March 31, 2025, was ₹7090.04 Lakhs. Consequently, the materiality threshold calculated as 10% of the annual consolidated turnover was ₹709.004 Lakhs. The value of aggregate transactions during the year was ₹816.05 Lakhs, exceeding the threshold by ₹107.05 Lakhs.

The corrigendum provides specific details of the proposed transactions involving the sale of Arts & Artifacts. On June 3, 2025, one artifact was sold for ₹4,04,25,000. On November 26, 2025, two artifacts were sold for a total of ₹4,07,00,000. The total transaction value for these sales amounted to ₹8,11,25,000. Additionally, the company paid ₹4,80,000 as remuneration to Mr. Alok P. Shah during the Financial Year 2025-26.

Transaction Details

Arts & Artifacts Sales

All other contents of the EGM notice remain unchanged. The corrigendum has been dispatched to members and is available on the company's website.