Court : Company Law Board CLB
1. This is a petition presented under Section 17 of the Companies Act, 1956 (hereinafter referred to as "the Act"), by the petitioner-company for confirmation by this Bench of the alteration of the objects clause of the memorandum of association. By this petition, the petitioner-company proposes to add two clauses under the head "Main objects" as Clauses 5 and 6 which were approved at the annual general meeting held on October 15, 1990. They are : "(5) To carry on the business of financing and investment in all their branches and kinds including bills discounting, market financing, venture capital financing and other similar activities. (6) To carry on the business of real estate agents, property developers, builders, civil contractors, architects, furnishers and interior decorators".2. Regarding the "bill discounting" proposed in Clause 5, the petitioner has stated that the existing objects permit that business as an ancillary activity and that by the proposed amendment it wants to c...
Tag this Judgment!