Board approves name change proposal and increase in authorised capital to Rs. 80 crore; revised AGM notice issued
Board meeting on September 24, 2026 approved three items, all subject to shareholder approval at the 13th AGM.
By ScoutQuest · · 2 min read
- Proposed Name Change
- From "UMIYA TUBES LIMITED" to "KRONMET INDUSTRIES LIMITED" or "SOMET INDUSTRIES LIMITED"
- Authorised Share Capital Increase
- From Rs. 30,00,00,000 (3,00,00,000 equity shares of Rs. 10 each) to Rs. 80,00,00,000 (8,00,00,000 equity shares of Rs. 10 each)
- AGM Date
- Wednesday, 30th September 2026 at 3:00 pm IST through Video Conferencing / Other Audio-Visual Means
- Board Meeting Date
- September 24, 2026
- Statutory Auditor Appointment
- M/s A. H. Mandaliya & Associates, Chartered Accountants for five years from conclusion of 13th AGM until conclusion of 18th AGM
What the board approved
The Board of Directors met on September 24, 2026 (5:30 PM to 6:05 PM IST) and approved three items, each requiring further approvals.
- Changing the name from UMIYA TUBES LIMITED to KRONMET INDUSTRIES LIMITED or SOMET INDUSTRIES LIMITED, or such other name as may be approved by the competent authority, and altering the name clause of the Memorandum of Association.
- Increasing the authorised share capital to Rs. 80,00,00,000 (Rupees Eighty Crores) and altering Clause V of the Memorandum accordingly.
- Revision of the notice of the 13th Annual General Meeting and issue of an addendum.
The capital increase in detail
The resolution proposes raising authorised share capital from Rs. 30,00,00,000 divided into 3,00,00,000 equity shares of Rs. 10 each, to Rs. 80,00,00,000 divided into 8,00,00,000 equity shares of Rs. 10 each. This is an ordinary resolution under Section 64(1) of the Companies Act, 2013, and a Form SH-7 update with the Registrar of Companies will follow if passed.
Authorised capital is the ceiling up to which a company may issue shares. Raising the ceiling does not by itself issue any new shares or change existing shareholdings; it creates headroom for future issuances, which would need their own approvals.
The name change
This is proposed as a special resolution under Sections 4 and 13 of the Companies Act, 2013, and is subject to approval by the Registrar of Companies / Ministry of Corporate Affairs, including name reservation. Directors are authorised to modify the proposed name if the authority requires it.
AGM and voting
The 13th AGM is scheduled for Wednesday, 30th September 2026 at 3:00 pm IST through Video Conferencing / Other Audio-Visual Means, with the registered office at Ahmedabad as the deemed venue. The new proposals appear as agenda items 4 and 5. The company has stated there is no change in the AGM schedule, the remote e-voting period, or the agenda items at sr. no. 1 to 5 of the notice.
Other business on the notice includes adoption of the audited financial statements for the year ended March 31, 2026, re-appointment of Mr. Viral Deepak Bhai Ranpura as a director retiring by rotation, and appointment of M/s A. H. Mandaliya & Associates, Chartered Accountants as Statutory Auditors for a period of five years from the conclusion of this AGM until the conclusion of the 18th AGM.
How investors may read this
A larger authorised capital is often a preparatory step before a fund-raise or share issuance, so shareholders may watch for any subsequent issuance proposal. A name change can signal a shift in business identity or scope. Both items are proposals at this stage and depend on member approval and regulatory clearance.
More numbers
- Proposed new authorised share capitalRs. 80,00,00,000
- Existing authorised share capitalRs. 30,00,00,000/-(Rupees thirty crores only)
- Existing authorised equity shares3,00,00,000 (three crore) Equity Shares
- Proposed authorised equity shares8,00,00,000 (eight crore) Equity Shares
- Face value per equity shareRs. 10/- (Rupees ten) each
- Statutory auditor appointment terma period of five years
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