Board Meeting Details

  • Meeting Date: Wednesday, July 15, 2026
  • Commencement Time: 1:30 PM
  • Conclusion Time: 12:00 PM (noted discrepancy in timing)
  • The meeting was chaired by the Board of Directors of Key Corp Limited

Key Board Approvals

1. Alteration of Memorandum of Association (MOA)

The Board approved alterations to Clause III (Object Clause) of the MOA, subject to shareholder approval via Postal Ballot and other statutory/regulatory approvals. The changes are intended to:

  • Align with Companies Act, 2013 provisions
  • Facilitate expansion and diversification into financial services including:
  • Housing finance activities
  • Diversified lending and credit facilities
  • Insurance distribution and allied financial services

Specific alterations include:

  • Substitution of headings for Clauses III(A) and III(B)
  • Deletion of heading for Clause III(C)
  • Insertion of four new sub-clauses:
  • III(A)(5): Housing finance business subject to NHB and RBI regulations
  • III(A)(6): Dealing with various forms of security interests
  • III(A)(7): Various lending activities including housing loans, business loans, MSME loans, etc.
  • III(A)(8): Insurance intermediary/brokerage activities
  • Substitution of entire Clauses III(B) and III(C) (details to be provided in Postal Ballot Notice)

2. Appointment of Additional Directors

The Board approved the appointment of two Additional Independent Non-Executive Directors based on Nomination and Remuneration Committee recommendations:

Mr. Yogesh Yashpaul Chadha (DIN: 01681680)

  • Term: 5 consecutive years from July 15, 2026 to July 14, 2031
  • Qualification: Chartered Accountant, B.Com (Hons.) from Delhi University, pursuing doctorate
  • Experience: 37 years in financial services with senior roles at Riyadh Investment Company, HSBC, JP Morgan Chase, DCB Bank
  • Current Directorships: Chairman (Independent Director) at Sharekhan Limited, Mirae Asset Financial Services (India), OnEMI Technology Solutions
  • Confirmed not debarred from directorship by SEBI or any authority

Mr. Devesh Srivastava (DIN: 08646006)

  • Term: 5 consecutive years from July 15, 2026 to July 14, 2031
  • Qualification: BSc (Hons) Physics from St. Stephen's College Delhi, MSc from Delhi University, PGDM (Marketing) from MDI Gurgaon
  • Experience: Former Chairman & Managing Director of General Insurance Corporation of India (GIC Re)
  • International exposure through GIC Re's London operations
  • Current Role: Chairman of Liberty General Insurance, India and Niyam group behind Lloyds Syndicate 2047
  • Confirmed not debarred from directorship by SEBI or any authority

Both appointments are subject to shareholder approval via Postal Ballot.

3. Unaudited Financial Results for Q1 FY27

The Board approved the unaudited financial results for the quarter ended June 30, 2026:

Financial Performance (₹ in lakhs)

| Particulars | Q1 FY27 (Jun 30, 2026) | Q4 FY26 (Mar 31, 2026) | Q1 FY26 (Jun 30, 2025) | FY26 (Mar 31, 2026) |

| Revenue from Operations | 945.84 | 11.53 | 808.87 | 374.00 |

| - Interest Income | 774.00 | 745.00 | 804.00 | 312.00 |

| - Dividend Income | 0.00 | 351.00 | 0.00 | 32.00 |

| - Net Gain on Fair Value Changes | 937.97 | - | 800.16 | - |

| - Management Fees | 0.13 | 0.57 | 0.67 | 2.60 |

| Other Income | 0.00 | 0.09 | 0.00 | 0.40 |

| Total Income | 945.84 | 11.62 | 808.87 | 378.00 |

| Total Expenses | 21.44 | 973.27 | 21.66 | 308.00 |

| Profit/(Loss) Before Tax | 924.40 | (961.65) | 787.21 | (270.80) |

| Tax Expense | - | (0.04) | - | - |

| Net Profit/(Loss) for Period | 924.40 | (961.61) | 787.21 | (270.80) |

| Total Comprehensive Income | 924.40 | (953.98) | 779.20 | (252.20) |

| EPS - Basic & Diluted (₹) | 15.41 | (16.03) | 13.12 | (4.51) |

Key Financial Ratios

  • Net Profit Margin: 97.73% (Q1 FY27) vs -82.75% (Q4 FY26)
  • Current Ratio: 10.06 times (Q1 FY27) vs 6.48 times (Q4 FY26)
  • Paid-up Equity Share Capital: ₹600.00 lakhs (unchanged)
  • Gross NPA Ratio: 9.09% (Q1 FY27) vs 7.86% (Q4 FY26)
  • Net NPA Ratio: 8.18% (Q1 FY27) vs 7.07% (Q4 FY26)
  • NPA Provision Coverage Ratio: 10.00% (consistent)
  • Capital Adequacy Ratio: 130.97% (FY26 annual)

4. Enhancement of Borrowing Powers

The Board approved enhancement of borrowing powers under Section 180(1)(c) of Companies Act, 2013:

  • New aggregate borrowing limit: ₹500 crore
  • Subject to shareholder approval via Postal Ballot

5. Creation of Security Interests

The Board approved creation of mortgages, charges, hypothecation and other security interests over company assets under Section 180(1)(a) of Companies Act, 2013:

  • For securing company borrowings
  • Subject to shareholder approval via Postal Ballot

6. Postal Ballot Process

The Board approved the Notice of Postal Ballot with Explanatory Statement for seeking shareholder approval on:

  • MOA alteration
  • Appointment of two Independent Directors
  • Enhanced borrowing limits
  • Creation of security interests

Scrutinizer Appointment

  • Mr. Ankit Dhanotia (COP-25667), Partner of M/s ADJ & Associates, Practicing Company Secretaries, Indore
  • Appointed to scrutinize e-voting process