"Resolved that pursuant to section 17 and other applicable provisions, if any, of the Companies Act, 1956, the main Objects Clause of the Memorandum of Association of the Company be and is hereby altered by adding the following new Clause after the existing Clause III(A)(3):â€”
â€˜To carry on or undertake or to be interested or engaged in any of the business whether in India or outside India, either solely or in partnership with other companies, corporation, or individual or firm or any other association of persons as manufacturers, miners, exporters, importers, buyers, sellers, agents, service organisations and dealers in iron ores, ferrous ores, chromium ores, copper, sponge iron, aluminium notch bar, lime, dolomite, flourspar, graphite, electrodes and nipples, petroleum coke, aluminium wire, fuel-oil, nickle, tungsten, refractories, coal, manganese, magnesite, clay, fire clay, oxygen/acetylene gas, waste-heat recovery plant, captive power plant, air pollution control equipment, ferrous substance and metal of every description and grade and all products, intermediates and by-products consequent to or obtained in the process of manufacture of above articles, and to carry on any other business (manufacture or otherwise) which may seem to the company capable of being conveniently carried on in connection with the above or either calculated directly or indirectly to enhance the value, if any, of the company's properties and rights for the time beingâ€™.â€
Further Resolved that Mr...........is hereby authorised to file neccessary forms and do all such acts and deeds as may be neccessary in this regard.
The Company is at present engaged in the manufacture of Galvanised Sheets and Cold Rolled Steel Sheets. The Board of Directors of the Company would like to diversify/expand the activities of the Company connected with the steel and allied industry, in order to optimise the facilities of the Company.
The present clause of the Memorandum of Association of the Company is not covering the areas, which may be considered in future by the Company for diversification, etc. Hence, it is desirable to amend suitably the existing main Object Clause of the Memorandum of Association of the Company, as fully detailed in the resolution. The amendment shall be effective upon the registration of the resolution with the Registrar of Companies.
The draft copy of the Memorandum of Association of the Company is available for inspection at the Registered Office of the Company on any working day during business hours.
The Board recommends the adoption of the resolution.
None of the Directors of the company is concerned or interested in the resolution
"In theory, there is no difference between theory and practice. But in practice, there is."