Videocon Appliances to be renamed Value Inds

The board of directors of Videocon Appliances, which met on February 9, approved a proposal to change the name of the company to Value Industries subject to necessary approvals.

According to a release issued by the company to the BSE today, the meeting also approved a proposal to alter the main objects in the memorandum of association of the company by inserting an additional clause relating to providing, executing, implementing, hiring, working as EPC contractors, providing turnkey services for industrial activities and manufacturing, trading of all kinds of machineries, components and engineering equipment.

The meeting also approved a plan to authorise the board to sell, lease, mortgage or otherwise dispose off the whole or substantially the whole of undertaking of a company up to an amount of Rs 10,000 crore, and borrow up to Rs 10,000 crore, the release added.

"The board has proposed to transact all the aforesaid resolutions by postal ballot in terms of the provisions of Section 192A of the Companies Act, 1956 read with The Companies (Passing of the Resolution by Postal Ballot) Rules, 2001. Accordingly, the board appointed Sheetal Kumar Dak, company secretary in whole-time practice, as scrutinizer for conducting the ballot," the release added.