Outcome of the Meeting of Board of Directors held on Tuesday, 12th May, 2026
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The Board of Directors of Prabhu Steel Industries met on 12th May 2026 and approved a significant expansion of the company's business objects by inserting a new sub-clause 49 into the Objects Clause of its Memorandum of Association (MOA). This new clause broadens the company's scope to include prospecting, mining, extracting, processing, and trading of minerals, ores, metals, coal, hydrocarbons, and other natural resources. The change requires shareholder approval and will be put to vote at an Extra Ordinary General Meeting (EOGM) scheduled for 3rd June 2026 at 9:00 AM at the company's registered office in Nagpur. The e-voting window runs from 30th May to 2nd June 2026, with a cutoff date of 30th May 2026 for determining voting entitlements. M/S Jaymin Modi & Co was appointed as the scrutinizer for the EOGM.
The expansion into mining and natural resources represents a major strategic pivot for a steel-focused company, potentially diversifying revenue streams and attracting new investor interest, though shareholder approval is still required and the expansion carries execution risks.