The shareholders of the Company through postal ballot have approved alteration in main object clause and adoption of new line of business by the Company.
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Shareholders of Genesis IBRC India Limited (BSE: 514336) approved 11 resolutions via postal ballot concluded on March 5, 2026. The most significant move is a change in the company's name to 'CCME Global Limited' and a complete pivot in its main business activity toward Fast-Moving Consumer Goods (FMCG), commodities, and minerals, with planned investments of up to ₹3,000 lakhs (₹30 crore). The new management plans to target demand for Indian FMCG products in Middle East countries. Additionally, shareholders approved an increase in authorised share capital, a preferential issue of equity shares, and the appointment/regularisation of several new directors including Poonam Chaturvedi as Managing Director and Padmanaban Krishnamoorthy as Non-Executive Chairperson. Related party transactions were also approved.
This represents a major business transformation for the company - effectively a new entity with new management, new business focus (FMCG/commodities/minerals), new name, and fresh capital. Shareholders should view this as a high-risk, high-reward pivot. Existing investors face potential dilution from the preferential issue, while the new direction toward export-oriented FMCG and minerals could open fresh growth avenues if execution is strong.