Shriram Pistons & Rings Ltd. announced that its shareholders have approved, via Special Resolution, significant amendments to the Main Object Clause of the Memorandum of Association (MOA). The alteration, effective following approval from the Ministry of Corporate Affairs on March 27, 2026, significantly expands the company’s scope. This change is intended to align the MOA format with the Companies Act, 2013, while incorporating new areas of business, particularly those related to electric mobility and advanced components.
Approval for Main Object Clause Amendment
Shriram Pistons & Rings Limited has confirmed the successful alteration of the Main Object Clause of its Memorandum of Association (MOA). This decision was finalized by the shareholders through a Special Resolution utilizing a Postal Ballot process. The Ministry of Corporate Affairs (MCA) officially approved this alteration via a letter dated March 27, 2026, and issued the corresponding Certificate of Alteration.
Expansion of Core Business Activities
The amendment involves substituting the existing sub-clause (1) of Clause III(A) and inserting two new clauses, specifically addressing modern and future-focused manufacturing areas:
1. Substitution of Existing Object Clause
The original object clause, which covered the design, manufacturing, and sale of traditional automotive and engine components (including pistons, cylinder liners, bearings, gears, and parts for vehicles, marine, and aerospace applications), has been replaced. The revised clause maintains the scope for traditional internal combustion engine components but broadens the overall context of the company’s operations.
2. New Business Insertions
Two significant new sub-clauses have been inserted immediately after the original sub-clause (1):
- Clause (2) Focus: Electric Mobility Systems: This new objective allows the company to engage in designing, manufacturing, and dealing in traction motors, permanent magnet synchronous (PMS) motors, axial and radial flux motors, and related components for solar, renewable energy, and electric mobility powertrain systems. Furthermore, it covers the manufacture of motor controllers, DC-DC converters, Battery Management Systems (BMS), and e-drive systems.
- Clause (3) Focus: Advanced Components and Jobbing: This clause allows the company to carry on the business of designing and manufacturing Original Equipment Manufacturer (OEM) products and jobbing industry items. The scope now explicitly includes modern components such as high-pressure die casting (HPDC) components, lightweight composites, micro motors, windshield wiper systems, advanced driver assistance system (ADAS) components, radars, lidars, and advanced automotive lighting systems (LEDs and touch panels).
Regulatory Alignment
The company noted that this comprehensive substitution was undertaken to align the existing Memorandum of Association, which was originally adopted under the Companies Act, 1956, with the prescribed format under the Companies Act, 2013.
Source: BSE
