Board approves change in Main Objects and rise in authorised share capital; defers fund raising

Main Objects of the company to be altered — revised objects cover diamonds (trading, cutting, polishing, lab-grown and synthetic), real estate development and investments.

Sat 3 Oct 2026

Authorised share capital increase

from Rs. 13,45,00,000/- to Rs. 125,00,00,000/-

Main Objects alteration

revised objects cover diamonds (trading, cutting, polishing, lab-grown and synthetic), real estate development and investments

Company Secretary appointment

Ms. Pratibha Sharma appointed Company Secretary and Compliance Officer w.e.f. 03rd October, 2026

Fund raising deferred

Fund raising proposal deferred to a subsequent Board meeting; no decision or approval taken today

Shareholder approval condition

Both the objects change and the capital increase are subject to shareholder approval.

What the Board approved

The Board of Directors met on Saturday, 03rd October, 2026 and approved four items. Two of them — the change in the company's Main Objects and the increase in Authorised Share Capital — will need shareholder approval before they take effect.

• Alteration of the Main Objects clause (Clause 3) of the Memorandum of Association, by replacing the existing objects with revised Main Objects.
• Increase in Authorised Share Capital from Rs. 13,45,00,000/- to Rs. 125,00,00,000/-, and a consequent alteration to Clause 5 of the Memorandum of Association.
• Appointment of Ms. Pratibha Sharma as Company Secretary and Compliance Officer w.e.f. 03rd October, 2026.
• The proposal for raising funds was deferred to a subsequent Board meeting, and no decision or approval was taken on it at this meeting.

What the revised Main Objects cover

The revised objects are set out as sub-clauses in the update

• Dealing in diamonds — rough, polished, cut and uncut, natural, laboratory-grown and synthetic diamonds — and diamond-related products, by way of purchasing, selling, importing, exporting, trading, stocking, supplying, distributing, marketing and merchandising, in India or abroad, and acting as dealers, traders, merchants, distributors, agents, brokers or commission agents.
• Cutting, polishing, processing, grading, assorting, sorting, manufacturing, designing and finishing diamonds and diamond-related products, and establishing, acquiring, operating or managing diamond cutting and polishing units, manufacturing facilities, processing centres and laboratories.
• Acquiring, developing, constructing, renovating, maintaining, managing, leasing, licensing or otherwise dealing in residential, commercial, industrial and other buildings, apartments, flats, offices, shops, villas, warehouses, structures and land, and undertaking real estate development and construction activities.
• Investing in, holding, acquiring, taking over or subscribing to shares, stocks, securities, ownership interests, businesses, undertakings or assets of companies, bodies corporate, firms, LLPs or other entities engaged in these objects, and acquiring, consolidating, merging or restructuring such entities.

The alteration is subject to the necessary approvals of Members in their meeting and any other regulatory authorities as may be required.

The authorised capital change in numbers

• Existing: Rs. 13,45,00,000/- (Rupees Thirteen Crore Forty-Five Lakh Only), divided into 1,34,50,000 equity shares of Rs. 10/- each.
• Proposed: Rs. 125,00,00,000/- (Rupees One Hundred and Twenty-Five Crore Only), divided into 12,50,00,000 equity shares of Rs. 10/- each.
• This is subject to the approval of the shareholders of the company.

Authorised share capital is the ceiling up to which a company can issue shares. Raising this ceiling does not, on its own, bring any money into the company or issue any new shares, and it does not change the number of shares an existing shareholder holds. It creates room to issue shares in future, if and when the company decides to. Any such issue would require its own approvals and disclosures.

The new Company Secretary and Compliance Officer

• Name: Pratibha Sharma (M. No. A38211).
• Role: Company Secretary and Compliance Officer.
• Effective from 03rd October, 2026.
• Profile given in the update: an associate member of ICSI with experience in Company Law, Corporate Governance, Legal Compliance and Quality Control, and exposure to the Companies Act, 2013, SEBI Regulations, rules and circulars, and FEMA.

The fund raising proposal

The Board, after due discussion, deferred the proposal for raising funds to a subsequent meeting of the Board. The update states that accordingly, no decision or approval has been taken by the Board in respect of the proposed fund raising at the meeting held today. The company will make a further disclosure to the stock exchange about the date and time of the next Board meeting as and when decided.

What a retail investor may want to track

• The shareholder meeting and its outcome, since both the Main Objects alteration and the authorised capital increase require Members' approval.
• The company's further intimation about the next Board meeting, where the fund raising proposal is to be taken up again.
• How the revised objects — diamonds and real estate — are pursued, once the approvals are in place.

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