Shashank Traders

Shashank Traders Limited's board approved a series of resolutions on July 6 that collectively recast the company's identity and business focus. The company will seek shareholder approval to change its name to 'Cosmic Energy & Motors Limited' and alter its main objects to manufacture and trade electric vehicles, batteries, and automotive components, discarding its existing trading business. The board also cleared a 14-fold increase in authorized share capital from ₹3.5 crore to ₹50 crore and adopted new memorandum and articles of association aligned with the Companies Act, 2013. It appointed valuers and a merchant banker to advise on a proposed acquisition of Cosmic EV Limited and Cosmet Fleet Private Limited, and on a proposed preferential equity issue. Enabling resolutions were passed to expand borrowing and investment limits to ₹500 crore each and to create charges on movable and immovable properties. Additionally, a new statutory auditor was appointed to fill a casual vacancy and the registered office was shifted within New Delhi. An extraordinary general meeting is scheduled for July 30 to obtain shareholders' approval.

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Dec 6 (Reuters) - Shashank Traders Ltd SASA.BO:

• RE-APPOINTS PRAVEEN JASWANTRAI JAIN AS MANAGING DIRECTOR

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Further company coverage: SASA.BO

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