Indiabulls Board Approves Object Clause Changes for RBI Compliance
Indiabulls Limited's board approved alterations to the main object clause in its Memorandum of Association to comply with Core Investment Company regulations. The board authorized a postal ballot for shareholder approval of these changes. The modifications involve replacing existing sub-clauses 1 to 6 with new sub-clauses 1 to 4 in Clause III(A) of the Memorandum of Association, subject to regulatory approvals.
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Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) announced the outcome of its board meeting, revealing significant corporate governance decisions aimed at regulatory compliance. The board approved alterations to the main object clause in the Memorandum of Association to align with Core Investment Company regulations and authorized a postal ballot for shareholder approval.
Board Decisions and Regulatory Compliance
The board of directors approved comprehensive changes to the company's operational framework through two primary resolutions:
- Alterations to the main object clause of the Memorandum of Association, subject to necessary regulatory approvals.
- Authorization of a postal ballot to secure shareholder consent for the proposed alterations.
| Decision Area | Details |
|---|---|
| Object Clause Changes | Replacement of existing sub-clauses 1 to 6 with new sub-clauses 1 to 4 |
| Target Clause | Clause III(A) of Memorandum of Association |
| Compliance Purpose | Align with Core Investment Company regulations |
| Regulatory Authority | Reserve Bank of India |
Shareholder Approval Process
The board authorized the implementation of a postal ballot mechanism to secure shareholder consent for the proposed alterations. This decision demonstrates the company's commitment to transparent corporate governance and stakeholder involvement in significant structural changes.
Key aspects of the postal ballot authorization include:
- Purpose: Seek shareholder approval for main object alterations
- Documentation: Draft postal ballot notice approved by the board
- Scope: Covers proposed changes to company's main objects
- Timeline: Subject to regulatory approval processes
Corporate Structure and Compliance
The alterations aim to make the company's main objects consistent with Core Investment Company requirements under applicable Reserve Bank of India regulations. This strategic alignment reflects the company's focus on regulatory compliance and operational clarity within the financial services sector.
| Corporate Details | Information |
|---|---|
| Company Secretary | Ram Mehar |
| Registered Office | 5th Floor, Plot No. 108, IT Park, Udyog Vihar, Phase 1, Gurgaon 122016 |
| Corporate Office | One International Center, Tower-1, 4th Floor, S.B. Marg, Elphinstone (W), Mumbai 400013 |
| CIN | L51101HR2007PLC077999 |
| Stock Exchanges | BSE Limited and National Stock Exchange of India Limited |
The company has communicated these developments to both BSE Limited and National Stock Exchange of India Limited under Regulation 30 of SEBI Listing Regulations, ensuring full regulatory disclosure compliance.
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