Everybody knows that Titan Industries is in the business of making watches, jewellery, and lately, eyewear. But sarees, perfumes, mobile phones and musical instruments? No, Titan, isn’t making any of these products yet.
But, in a notice to shareholders, the company has sought an omnibus amendment to the Objects Clause of its Memorandum of Association, indicating its intent to design, develop and sell a whole range of products in future.
In line with this intent to get into more lifestyle products, the watchmaker will be rechristened Titan Company Ltd. One of the sub-clauses in its notice to shareholders seeks their assent for a proposal to manufacture, market or be a distributor for gadgets, entertainment products, toys, DIY kits, sports products, food and beverages. The next clause seeks to design and make or retail and provide after-sales service for kitchen appliances, storage shelves, utensils, chimneys, hobs, furniture and cabinets.
Another clause seeks approval to design and make, or market and distribute products powered by solar energy, including solar panels, solar powered home-lighting systems, batteries, solar fans, torches, solar mobiles, cookers, heaters, solar signs, inverters and so on.
The proposal to amend the Objects Clause of the MoA of the company requires approval of shareholders by way of a special resolution under Section 17 of the Companies Act.