Nirbhay Colours India Limited Seeks Shareholder Approval for Name Change and Business Expansion

Nirbhay Colours India Limited has announced significant changes to its corporate structure and business focus, subject to shareholder approval. The company has issued a postal ballot notice outlining two special resolutions that could reshape its future operations.

Proposed Name Change

The first major change proposed is a rebranding of the company. Nirbhay Colours India Limited is seeking to change its name to Craftroot Retail Limited. This new name has been made available by the Registrar of Companies, signaling a shift in the company's identity and market positioning.

Business Expansion and Object Clause Amendment

Alongside the name change, the company is proposing to amend its Memorandum of Association to expand its business scope. The new object clause would allow Craftroot Retail Limited to engage in:

• Manufacturing, processing, and designing of textile garments, fabrics, and yarns
• Bleaching, dyeing, dressing, and printing of textile products
• Production of hand-woven textiles, crafts, and clothing
• Wholesale and retail trade of textiles and textile products
• Import, export, and distribution of textile goods and garments
• Dealing in craft items and handicraft products

This expansion represents a significant pivot from the company's current operations to a comprehensive textile and retail business model.

Voting Process

Shareholders will have the opportunity to vote on these resolutions through a postal ballot. The e-voting period is scheduled to run from August 5 to September 3. The company has appointed Mrs. Rupal Patel, a practicing Company Secretary, as the scrutinizer for the e-voting process.

Management's Perspective

The Board of Directors believes that these changes will enable the company to capitalize on market opportunities in the textile and retail sectors. The proposed name change to Craftroot Retail Limited is seen as a step towards enhanced branding and better representation of the company's new business direction.

Implications for Shareholders

It's important to note that the proposed name change will not affect any rights of the company or its shareholders. Existing share certificates will remain valid even after the name change is implemented.

Shareholders are encouraged to participate in the voting process to have their say in these significant corporate decisions. The results of the postal ballot are expected to be announced by September 6.

As Nirbhay Colours India Limited stands on the cusp of a potential transformation, the outcome of this postal ballot could mark the beginning of a new chapter for the company in the textile and retail industry.