Shashank Traders Ltd Approves Name Change and Substantial Capital Increase at Board Meeting

Shashank Traders Ltd Approves Name Change and Substantial Capital Increase at Board Meeting​

The Board of Directors of Shashank Traders Limited held a meeting on July 06, 2026, where it approved several major corporate restructuring initiatives. Key among these decisions were the increase in authorized share capital, the proposed company name change, and the adoption of new articles of association (AOA) and memorandum of association (MOA).

The Board approved an alteration to the company's Authorized Share Capital. The existing capital, valued at Rs 3,50,00,000/- divided into 35,00,000 Equity Shares of Rs 10/- each, was increased to a total of Rs 50,00,00,000/-, which will be divided into 5,00,00,000 Equity Shares of Rs 10/- each. These changes are subject to approval by the shareholders at an Extra-Ordinary General Meeting (EOGM).

Company Rebranding and Corporate Governance Shifts​

In a significant move, the company decided to change its name from 'Shashank Traders Limited' to 'Cosmic Energy & Motors Limited,' pending approval from the Members of the Company and the Central Government.

Alongside the name change, the Board approved alterations to the Memorandum of Association (MOA) and the adoption of a new set of Articles of Association (AOA). The changes were made to align the company's documents with the Companies Act, 2013.

The alteration to the MOA involved replacing the old liability clause with a new one, stating that "the liability of the member(s) is limited and this liability is limited to the amount unpaid, if any, on the shares held by them." The company also altered its object clause, shifting focus to the EV sector.

The new objects include:

• Manufacturing, trading, and dealing in electric vehicles (EVs), including electric scooters, bicycles, cars, buses, trucks, two-wheelers, and three-wheelers.
• Establishing and operating Battery Swapping Stations (BSS) and EV charging stations.
• Developing software solutions and digital platforms for the EV and energy sectors.
• Trading in automobile parts, components, transmissions, axles, springs, bearings, and other related products.

Financial Powers and Key Appointments Made​

The meeting also addressed several operational and financial enhancements, including:

• Financial Limits: The Board empowered management to create charges and mortgages on the company's movable and immovable properties up to Rs 500 Crores. Furthermore, borrowing powers under Section 180(1)(C) of the Companies Act, 2013, were increased up to Rs 500 Crores, and limits under Section 186 of the Companies Act, 2013, were enhanced up to INR 500 Crores.
• Valuation: M/s. ValuGenius Advisors LLP was appointed as the Registered Valuer. The firm will carry out the valuation of equity shares for Shashank Traders Limited, Cosmic EV Limited, and Cosmet Fleet Private Limited to recommend a fair share exchange ratio for proposed acquisitions and preferential issues.
• Merchant Banker: M/s. Narnolia Financial Services Limited was appointed as the Merchant Banker to provide a Fairness Opinion on the valuation report and advise the company on regulatory compliances related to a proposed transaction.

Operational Updates and Future Meetings​

The Board approved the appointment of M/s. G K Tulsyan & Co., Chartered Accountants, Kolkata, as the Statutory Auditors of the Company. This appointment fills a casual vacancy following the resignation of M/s. Nemani Garg Agarwal & Co. The firm has over 28 years of experience in auditing and consulting.

Additionally, the company approved the shifting of its Registered Office from '702-A, Arunachal Building, 19, Barakhamba Road, Connaught Place, New Delhi' to a new premises at 'Place L29 - L34, First Floor, Connaught Place New Delhi, Delhi,' effective July 15, 2026.

To seek shareholder approval for these decisions, the Board approved the convening of an Extra-Ordinary General Meeting (EOGM). The EGM is scheduled for Thursday, July 30, 2026, at 03:00 P.M., and will be conducted via Video Conferencing (VC) / Other Audio Visual Means (OAVM).

The Board also approved the following appointments related to the EGM process:

• Mr. Sudhansu Sekhar Panigrahi, ACS, Practicing Company Secretary, was appointed as the Scrutinizer for remote e-voting.
• M/s. MAS Services Limited was appointed as the R&T Agent to handle e-voting activities.
• National Securities Depository Limited (NSDL) was appointed as the authorized agency for electronic voting facilities.

Stock Price Movement​

Shashank Traders Ltd shares settled at ₹34.05 on Thursday, ticking up a strong 5.00%. The stock traded completely flat throughout the session, holding steady between an intraday high and low both pegged at ₹34.05.