Shareholders Approve New Set of Articles of Association at 33rd AGM
At the 33rd AGM held on 25th September, 2026, shareholders approved adopting a new set of Articles of Association.
By ScoutQuest · · 2 min read
- Meeting Date
- 25th September, 2026
- Meeting Type
- 33rd Annual General Meeting (AGM)
- Key Resolution
- Shareholders approved adoption of new Articles of Association
- New Clauses Added
- Clauses 92 to 95 after Clause 91 enabling appointment of Managing Directors, Joint MDs or Co-MDs
- Approval Requirement
- Joint approval of at least two Managing Directors or prior Board sanction needed for matters outside individual portfolio or major capital…
What happened
At the 33rd Annual General Meeting held on 25th September, 2026, shareholders approved the adoption of a new set of Articles of Association (AOA) of the company. The AOA is the internal rulebook that governs how a company is run.
The clauses added
Four new clauses were added after Clause 91
- Clause 92 - Number of Managing Directors: the company may appoint one or more Managing Directors, Joint Managing Directors or Co-Managing Directors. The Board may decide their term, remuneration, duties and service conditions, subject to shareholder approvals where required.
- Clause 93 - Division of Management Powers: each such appointee exercises substantial powers of management. Where more than one is appointed, the Board may at its discretion allocate specific business operations, geographic territories or functional portfolios between them, recorded through a Board Resolution or separate employment agreements.
- Clause 94 - Exercise of Authority: each may act individually and bind the company within their designated portfolio. For matters outside their portfolio, or for material corporate transactions such as major capital expenditure, borrowing or asset disposal, joint approval or signature of at least two Managing Directors, or prior sanction of the Board, is required.
- Clause 95 - Vacation of Office: office is vacated automatically and immediately if the person ceases to hold the office of Director for any reason, or if the Board resolves to terminate their employment contract as Managing Director.
How to read this
The amendment creates the framework for a multiple-Managing-Director structure, with powers split by business, territory or function. It also builds in a check: bigger, company-wide decisions still need two Managing Directors together or the Board's prior approval.
Meeting details
The meeting commenced at 03.18 p.m. and concluded at 03:33 p.m. The disclosure was made to BSE under Regulation 30 of SEBI (LODR) Regulations, 2015.
This is a governance and constitutional-document change rather than a business or financial transaction, and it carries no immediate revenue or earnings impact.
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Shareholders approve appointment of Bhupeshbhai Ambalal Patel as Independent Director for 5 years
25 Sep 2026
More numbers
- New clauses added after Clause 9192, 93, 94, 95
- Managing Directors needed for matters outside individual portfolioat least two Managing Directors
- AGM number33rd Annual General Meeting
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