I'm not sure about stands cancelled. Perhaps it means that the meeting was previously cancelled and still is. As far as a synonym for cancelled, you could use "called off."

Of course we all understand it, but I've never heard it in Australian (=UK/Commonwealth) English, and I can't recall any examples of it in US English either. I did a quick search of the phrase "stands canceled" (with both single- and double-L spellings), and most of the real examples I could find come from Indian-based websites and online groups. So I guess yes, it probably is an example of Indian English. I'm not sure if it comes from a mistranslation, or an adaptation of another English phrase (eg. stands adjourned). I'd agree that "called off" is probably the only good synonym for this situation, but you would normally use that in colloquial speech. In business writing, I'd stay with "cancelled".

One could say "stands canceled', which would indicate the meeting, for example, is still canceled.I do not have a feeling whether such usage typifies British or American parlance. Other words include off, scrub, or ax.