Board approves MOA amendment to add metals and steel trading as a business object, subject to shareholder nod

The Board on 28 September 2026 approved an amendment to the company's Memorandum of Association.

Mon 28 Sep 2026

Board Approval Date

28 September 2026

MOA Amendment

New sub-clause 4 under Clause III(A) to enable trading in ferrous and non-ferrous metals, iron and steel and allied products

Shareholder Approval Required

34th AGM on Friday, 30 October 2026

Scope of New Business Object

Trading, buying, selling, distributing, stocking, importing and exporting of ferrous and non-ferrous metals, iron and steel products

What was announced

The Board of Directors met on September 28, 2026 and approved a proposed amendment to the Memorandum of Association (MOA), the document that sets out what businesses a company is legally allowed to carry on.

The change

• Insertion of a new sub-clause 4 after the existing sub-clause 3 under Clause III(A) of the MOA.
• The new clause enables the company to act as traders, buyers, sellers, merchants, distributors, stockists, wholesalers, retailers, suppliers and dealers, on its own account or on behalf of others.
• It covers trading in, buying, selling, purchasing, reselling, distributing, supplying, stocking, importing and exporting all kinds of ferrous and non-ferrous metals, iron and steel and all types of metal and steel products.
• Products listed include stainless steel, alloy and special steels, sponge iron, pig iron, cast iron, aluminium, copper, brass, sheets, plates, coils, strips, foils, bars, rods, wire rods, pipes, tubes, angles, channels, beams, structurals, castings, forgings and scrap.
• It also permits acting as commission agents, brokers, warehouse keepers and consignment agents in respect of these goods.

Approval still needed

The amendment is subject to the approval of the members at the 34th Annual General Meeting, to be held on Friday, October 30, 2026. Until shareholders pass the resolution, the MOA remains unchanged.

How to read it

An MOA object clause sets the boundary of permitted activity. Adding a trading object is an enabling step, giving the company the legal room to take up metals and steel trading alongside its existing activities. The update describes the change to the objects clause itself; it does not by itself represent a completed transaction or a commercial contract.

Investors may look to the AGM outcome and to subsequent disclosures for any actual business activity undertaken under the new clause.

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