Board Meeting13 Aug 2026, 06:53 pm
Sal Automotive Board Approves MOA Alteration for Companies Act 2013 Compliance
AI Summary
Sal Automotive Ltd's Board of Directors, in a meeting held on August 13, 2026, approved the alteration of the company's Memorandum of Association (MOA). This change is to align the MOA with the latest provisions of the Companies Act, 2013, replacing the existing MOA based on the Companies Act, 1956. Key changes include substituting references from the 1956 Act to the 2013 Act, renaming and restructuring clauses related to company objects and member liability, and merging 'Other Objects' into existing clauses. The adoption of the new MOA is subject to shareholder approval at the upcoming 51st Annual General Meeting (AGM). The board meeting commenced at 2:30 PM IST and concluded at 6:10 PM IST.
Key Highlights
- Board approved MOA alteration to comply with Companies Act, 2013.
- Changes align MOA with latest statutory provisions.
- New MOA adoption requires shareholder approval at 51st AGM.
- Existing MOA based on Companies Act, 1956 will be replaced.
- Specific clauses are being renamed and merged for compliance.
Price Impact
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