Board approves name change to Cosmic Energy and Motors, pivot to EV business
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Shashank Traders board approved a major pivot: renaming to Cosmic Energy and Motors Limited and shifting main business from general trading to electric vehicles, batteries, auto parts, and energy storage. Authorized capital to rise from Rs 3.5 crore to Rs 50 crore. Borrowing and investment limits raised to Rs 500 crore each. Registered valuer appointed for a proposed acquisition and preferential issue. New auditor G K Tulsyan and Co appointed. EOGM on July 30 for shareholder approval.
Transformative pivot to EV business with name change, major capital increase, and a possible acquisition. Awaiting shareholder approval on July 30.