Satani Bearings Ltd. Announces Board Decisions, Approvals
Satani Bearings Ltd. announced several key decisions following a board meeting held on April 2, 2026. The decisions were made subject to shareholder approval at an upcoming Extraordinary General Meeting.Increase in Authorized Share Capital
The company approved an increase in its authorized share capital from Rs. 20,00,00,000 divided into 2,00,00,000 equity shares of Rs. 10 each, to Rs. 35,00,00,000 divided into 3,50,00,000 equity shares of Rs. 10 each. This change will be reflected in a subsequent modification of the Memorandum of Association.Proposal for Fund Raising
The board approved a rights issue to raise funds through the issuance and allotment of equity shares with a face value of Rs. 10 each, up to an aggregate amount not exceeding Rs. 50 Crore. The specific terms of the rights issue, including the record date, will be determined by the board or a duly constituted committee at a later date. Regulatory and statutory approvals are pending. A Right Issue Committee has been formed to oversee the implementation of the rights issue.Enhancement of Borrowing Limits
The board authorized an enhancement of limits under Section 186 of the Companies Act, 2013, up to INR 500 Crores.Appointment of Company Secretary
Ms. Niyati Yogesh Lad (ACS: A62703) has been appointed as Company Secretary & Compliance Officer (KMP) effective April 2, 2026.Incorporation of Wholly-Owned Subsidiary in UAE
The board approved the incorporation of a wholly-owned subsidiary in the United Arab Emirates.Adoption of New Memorandum and Articles of Association
The company will adopt a new set of Memorandum and Articles of Association, replacing the existing ones.Share Sub-Division
The board approved the sub-division/split of existing equity shares. One equity share of a face value of Rs. 10 will be split into 10 equity shares of a face value of Rs. 1. The record date for this split will be determined later.Alteration of Object Clause
The object clause of the Memorandum of Association will be altered by adding a new clause related to activities involving agro/agri/food products.Resignation of Independent Director
Ms. Aakansha Vaid resigned from her position as Independent Director, effective April 2, 2026.Extraordinary General Meeting
An Extraordinary General Meeting is scheduled for April 30, 2026, to seek shareholder approval for the aforementioned proposals. M/s. SCS & Co. LLP has been appointed as Scrutinizer for the e-voting process.Source:
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