With regard to the subject mentioned above and in accordance with Regulation 30 & 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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The board approved a request to reclassify three promoter group members — Mr. Ashish Chhawchharia, Mr. Kshitiz Chhawchharia, and Avon Credit Pvt Ltd — from the 'Promoter/Promoter Group' category to the 'Public' category, subject to stock exchange approval. The company also approved changing its name from Adarsh Mercantile Ltd to SMT Global Engineering Limited and shifting its registered office from West Bengal to Madhya Pradesh. The board increased borrowing limits, charge creation limits, and investment/loan limits under Sections 180 and 186 of the Companies Act, 2013, each raised up to Rs. 500 Crores, subject to shareholder approval. A postal ballot notice was cleared to seek shareholder approval for several new director appointments, including a Managing Director, Whole-Time Director, and multiple Independent Directors (including a woman director).
This signals a major corporate restructuring: the promoter group is stepping out of the 'promoter' category, which is likely to substantially reduce promoter shareholding in the company. Combined with the name change, office relocation, and a sharp rise in permitted borrowing and investment limits, the company appears to be repositioning its identity and gearing up for significantly expanded operations.