Board has consider and approve deviation/variation in the Object Clause of the initial public issue as stated in the Prospectus, However such deviation/variation is subject to the approval ....
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The Board of Directors of Riddhi Corporate Services Ltd has approved a change in the purpose for which funds were raised during its IPO, deviating from the original object clause stated in the Prospectus. This change is subject to shareholder approval through a postal ballot and is being done under Sections 13(8) and 27 of the Companies Act, 2013, along with relevant SEBI regulations. Additionally, the Board appointed M/s Amrish Gandhi & Associates as Secretarial Auditor for a 5-year term (FY 2025-26 to 2029-30). The postal ballot process has been set up with NSDL as the e-voting agency and a practicing company secretary appointed as scrutinizer.
Deviating from the original IPO object clause is generally viewed negatively by investors as it means the company wants to use raised funds for a different purpose than originally promised. Shareholders will get to vote on this change via postal ballot, so the final decision and rationale will be critical to watch.