Purity Flexpack Adopts New MOA Aligned with Companies Act 2013
Purity Flexpack Ltd has announced the adoption of a new Memorandum of Association (MoA) to comply with the Companies Act, 2013. The existing MoA was framed under the Companies Act, 1956. Key changes include amendments to the titles of clauses related to the company's main objects and ancillary matters. Clause III(A) title changes from 'The Main objects...' to 'The objects...', while Clause III(B) title changes from 'Objects Incidental or Ancillary...' to 'Matters which are necessary for furtherance...'. The 'OTHER OBJECTS' clause (III(C)) has been deleted, with its sub-clauses integrated into Clause III(B). Additionally, the clause on 'Liability of members' (Clause IV) has been revised to specify that liability is limited to the unpaid amount on shares.
Key Highlights
- Company adopts new MoA to comply with Companies Act, 2013.
- Existing MoA under Companies Act, 1956, is being updated.
- Changes include revised clause titles and integration of objects.
- Liability clause updated to clarify member responsibility.
Price Impact
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