Board approves alteration of objects clause of MoA; revised postal ballot for two independent director appointments
Board on October 15, 2026 approved an alteration of the objects clause of the Memorandum of Association, subject to shareholders' approval.
By ScoutQuest · · 3 min read
- Board Meeting Date
- October 15, 2026
- E-voting Period
- October 17, 2026, 9:00 A.M. to November 15, 2026, 5:00 P.M.
- Results Declaration
- on or before November 17, 2026
What the Board approved
The Board of Directors met on October 15, 2026 and considered and approved an alteration of the objects clause of the Memorandum of Association of the Company, subject to the approval of the shareholders. The shareholders' approval is proposed to be taken through a Postal Ballot.
What members will vote on
All three items below are placed before members as special resolutions, through remote e-voting:
- Appointment of Mr. Prakash Kumar Behera as an Independent Director. He was appointed by the Board on August 22, 2026 to fill the casual vacancy caused by the resignation of Mr. Kandaswamy Paramasivan, Independent Director.
- Appointment of Ms. Kajal Mayur Saiya as an Independent Director. She was appointed by the Board on August 22, 2026 to fill the casual vacancy caused by the resignation of Ms. Revathi Raghunathan, Independent Director.
- Alteration of Clause III(A) - Main Objects of the Memorandum of Association by substitution of existing sub-clause 4 and insertion of new sub-clauses 9 and 10.
The revised Postal Ballot Notice
The Board approved a revised Postal Ballot Notice, in supersession of the Postal Ballot Notice earlier approved by the Board on October 07, 2026. The notice will be dispatched separately to members and will also be available on the websites of BSE, NSE and the Company.
What changes in the objects clause
The existing sub-clause 4 reads: "Exporting, Importing & Trading of Ferrous and Non-ferrous metals and Non-metallic materials including their scrap." The proposed substitute widens it to importing, exporting, buying, selling, purchasing, reselling, trading, exchanging, processing, treating, refining, beneficiating, recovering, recycling, sorting, grading, cutting, crushing, melting, smelting, casting, fabricating, manufacturing and otherwise dealing in ferrous and non-ferrous metals, alloys, metallic and non-metallic materials, ores, minerals, concentrates, scrap, waste and by-products, whether raw, semi-processed or finished. It also adds prospecting, exploration, extraction, mining, quarrying, excavation, winning, raising, processing, beneficiation, transportation, storage, handling, distribution, marketing and sale of coal and other minerals, mineral products and natural resources, including the establishment, acquisition, operation and maintenance of mines, quarries, mineral processing facilities, yards, depots and related infrastructure. New sub-clause 9 covers machinery and technology: manufacturing, designing, developing, assembling, fabricating, importing, exporting, buying, selling, trading, supplying, distributing, installing, commissioning, operating, leasing, renting, hiring, licensing, maintaining, repairing, refurbishing, upgrading and servicing machinery, machines, equipment, apparatus, appliances, automated systems and technology, including complete, semi-knocked down (SKD) and completely knocked down (CKD) machines, vending machines, automated retail and dispensing machines, self-service kiosks, smart lockers, automated vending and distribution systems, point-of-sale terminals and payment devices. It also covers software platforms, applications, Internet of Things (IoT) solutions, telemetry, remote monitoring, inventory management, cashless and digital payment systems, customer interfaces and data analytics. New sub-clause 10 covers trading in goods and commodities of every nature and description, whether raw, natural, agricultural, semi-finished or finished - including agricultural and food commodities; metals, alloys, minerals, ores, coal and scrap; chemicals; furniture, garments, textiles, bags, luggage and footwear; bottles, containers, packaging materials and plastics; electronic gadgets, electrical and electronic goods; automobile components; machinery, vending machines, tools, building and construction materials, industrial supplies and consumer goods.
Postal Ballot schedule
- Cut-off date for determining eligible members: Friday, October 9, 2026
- Commencement of remote e-voting: Saturday, October 17, 2026 at 9:00 A.M. (IST)
- Conclusion of remote e-voting: Sunday, November 15, 2026 at 5:00 P.M. (IST)
- Declaration of results: on or before Tuesday, November 17, 2026
How to read this
The objects clause sets out the activities the Company's charter permits. The alteration does not take effect on its own; it is subject to the approval of the shareholders through the Postal Ballot. The two Independent Director appointments were made by the Board on August 22, 2026 to fill casual vacancies and are now placed before members for approval by special resolution.
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