Spandana Sphoorty plans change in Articles of Association to ease fundraising
Kolkata:
Microfinance
company
Spandana Sphoorty
Financial has proposed to amend certain articles of the
Articles of Association
of the company to align the same with the Companies Act, 2013.
The company has sought shareholders approval for the same. The e-voting would take place between May 13 to June 11.
"It is proposed to change certain articles of the Articles of Association of the company to align the same with the Companies Act, 2013 and the rules made thereunder, and SEBI regulations/directives as amended. These articles are related to fund raising by the company," Spandana said Monday in a regulatory filing to stock exchanges.
The amendment would help Spandana issue shares not only for cash, but for services as well. For example, the company can buy property by allotting shares to the property owner, people aware of such regulations said.
"The company shall, subject to the applicable provisions of the Act, compliance with law and the consent of the board, have the power to issue share equivalents to any person (whether or not the share/ security holders of the company) on such terms and in such manner as the board deems fit including their conversion, repayment, and redemption whether at a premium or otherwise,' Spandana said
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