Sita Enterprises Limited announced that its Board of Directors has approved a new set of Memorandum of Association (MOA) and Articles of Association (AOA), along with an alteration to the Main Object Clause of the MOA. These changes aim to broaden the company’s business scope to include extensive financial, investment, and securitization activities. Shareholder approval via a Special Resolution will be sought for these significant alterations. The company also plans to change its name, subject to necessary approvals.
Board Approves MOA/AOA Amendments and Name Change
Sita Enterprises Limited held a Board Meeting on November 2, 2026, during which several key decisions were made, pending shareholder approval. The Board approved the adoption of a new Memorandum of Association (MOA) and Articles of Association (AOA). This adoption will replace the existing Articles of Association and is designed to align the company’s governing documents with the Companies Act, 2013.
Expanded Business Objectives
A significant aspect of the approved changes is the alteration of the existing Main Object Clause of the MOA. The proposed amendments substantially broaden the company’s business objectives. The new scope includes undertaking the business of investment, purchase, sale, and dealing in shares, debentures, securities, and other financial instruments. It also encompasses general finance, investment, trust, safe deposits, brokerage, underwriting, financing operations, and financial agency services. Furthermore, the company aims to engage in the management, sale, and purchase of movable and immovable properties. A major addition is the focus on securitisation and reconstruction of financial assets, including the acquisition, management, restructuring, recovery, and enforcement of financial assets and security interests, in compliance with relevant laws and regulations.
Shareholder Approval and Postal Ballot
To effect these substantial changes, the company will seek approval from its shareholders through a Special Resolution. Consequently, the Board approved the draft Notice of Postal Ballot, which includes an explanatory statement detailing the proposed alterations in line with the Companies Act, 2013, and relevant SEBI regulations. Details regarding the e-voting schedule, cut-off date, and other necessary information will be communicated to shareholders shortly.
Company Name Change Proposed
In addition to the MOA and AOA changes, the Board also approved a proposal to change the company’s name from “Sita Enterprises Limited”. The new name will be subject to availability and reservation approval by the Central Registration Centre (CRC) of the Ministry of Corporate Affairs (MCA). This name change is also contingent upon shareholder approval and obtaining all other required statutory and regulatory consents.
The Board Meeting commenced at 3:30 pm and concluded at 4:30 pm.
Source: BSE
