Standard Capital Markets Limited held its 38th Annual General Meeting (AGM) on September 30, marking significant changes in its management structure and corporate governance practices. The company, headquartered in Delhi, made several important announcements during the virtual meeting.

Director Reappointments

The shareholders approved the reappointment of two key directors:

1. Ram Gopal Jindal (DIN: 06583160): Reappointed as a director retiring by rotation. Mr. Jindal brings extensive experience in general administration and the corporate sector, with a particular focus on Non-Banking Financial Companies (NBFCs).

2. Anshita Sharma (DIN: 09706011): Also reappointed as a director retiring by rotation. Mrs. Sharma contributes expertise in statutory compliance, secretarial practices, and legal affairs, playing a vital role in the company's governance and regulatory framework.

New Secretarial Auditor

In a move to strengthen its corporate governance, Standard Capital Markets appointed a new Secretarial Auditor:

• Virender Kumar & Associates (C.P. No. 25458): The firm was appointed for a five-year term, effective from the conclusion of the 38th AGM until the 43rd AGM. Virender Kumar & Associates brings rich experience in corporate laws, governance, and compliance management.

Key Meeting Details

• The AGM was conducted through Video Conferencing (VC) on September 30, from 12:30 PM to 12:53 PM IST.
• A total of 177 public shareholders attended the meeting virtually.
• The meeting addressed both ordinary and special business items, including the adoption of financial statements and the appointment of directors and auditors.

Financial Statements and Auditor's Report

The AGM agenda included the consideration and adoption of:

• Audited Standalone Financial Statements for the financial year ended March 31
• Audited Consolidated Financial Statements for the same period
• Reports of the Board of Directors and Auditors

It was noted that the Statutory Auditors' Report and Secretarial Audit Report did not contain any qualifications, providing a clean slate for the company's financial reporting.

Corporate Governance

Standard Capital Markets Limited emphasized its commitment to transparency and compliance:

• The company provided e-voting facilities before and during the AGM, supervised by an independent scrutinizer.
• Results of the e-voting, along with the scrutinizer's report, will be disclosed to the Stock Exchanges and displayed on the company's website.

Insider Trading Regulations

In a separate announcement, the company informed that the trading window for dealing in the company's securities would remain closed for designated persons and their immediate relatives from October 1, until 48 hours after the declaration of financial results for the quarter and half-year ended September 30. This move aligns with SEBI regulations on insider trading.

Standard Capital Markets Limited continues to adapt its corporate structure and practices to meet regulatory requirements and enhance shareholder value. The reappointment of experienced directors and the engagement of a new Secretarial Auditor reflect the company's focus on strong governance and compliance in the dynamic financial services sector.

Standard Capital Markets Limited (SCML), a Non-Banking Financial Company, has announced a strategic move into the asset reconstruction sector. The company revealed plans to sponsor an Asset Reconstruction Company (ARC) through its wholly-owned subsidiary, marking a significant expansion of its financial services portfolio.

Strategic Expansion into Asset Reconstruction

SCML's decision to enter the asset reconstruction space aligns with its vision to strengthen its presence in the financial services sector. The newly sponsored ARC will focus on the acquisition, management, and recovery of distressed financial assets, operating in compliance with Reserve Bank of India (RBI) guidelines.

Management's Perspective

The management of Standard Capital Markets Limited emphasized that this initiative demonstrates their commitment to supporting stressed asset resolution and reinforcing the overall credit ecosystem. By leveraging SCML's expertise, governance framework, and resources, the company aims to generate sustainable value for shareholders while contributing to the stability of the Indian financial system.

Regulatory Compliance and Disclosure

In adherence to regulatory requirements, SCML has formally notified the BSE Limited of this development. The company's filing, dated September 8, provides details of the press release announcing the ARC sponsorship.

Impact on Financial Services Landscape

This move by Standard Capital Markets Limited is expected to enhance its capabilities in managing distressed assets, potentially opening up new revenue streams and strengthening its market position. The expansion into asset reconstruction also signals SCML's proactive approach to addressing challenges in the financial sector and its commitment to playing a larger role in India's economic landscape.

As the financial services industry continues to evolve, SCML's venture into asset reconstruction through its subsidiary could position the company as a more comprehensive financial services provider, capable of addressing diverse market needs and opportunities in the stressed asset segment.

Investors and industry observers will likely watch closely to see how this strategic initiative unfolds and its potential impact on SCML's future growth and performance in the dynamic financial services sector.