Amendments to Memorandum of Association of the Company duly approved at 35th AGM
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Velan Hotels Ltd held its 35th Annual General Meeting on September 27, 2025, via video conferencing at 11:45 a.m. Shareholders approved the alteration of the main object clause in the company's Memorandum of Association through a special resolution. Two new clauses (Nos. 9 and 10) were inserted, expanding the company's permitted business activities into software development, artificial intelligence solutions, natural language processing, deep learning models, IT-enabled services, e-commerce, and outsourcing services. This marks a significant diversification from the company's core hospitality business into the technology sector.
The amended MOA gives Velan Hotels the legal ability to enter the IT, AI, and software services businesses alongside its existing hotel operations. For shareholders, this signals potential revenue diversification, but execution risk is high since the company has no stated track record in technology. Short-term stock impact is likely limited until concrete business plans or investments are announced.