Ankur Steel Limited is a manufacturer of stainless steel. It had raised ₹400 crores through public issue of its equity shares for starting one more unit of steel manufacturing in Odisha. It has utilized ₹100 crores. Due

According to Section 13(8) of the Companies Act, 2013 a company, which has raised money from public through prospectus and still has any unutilized amount out of the money so raised, shall not change its objects for which it raised the money through prospectus unless a special resolution is passed by the company and — The details in respect of such resolution shall also be published in the newspapers (one in English and one in vernacular language) which is in circulation at the place where the registered office of the company is situated and shall also be placed on the website of the company, if any, indicating there in the justification for such change. The dissenting shareholders shall be given an opportunity to exit by the promoters and shareholders having control in accordance with SEBI regulations. As per section 13(9), the Registrar shall register any alteration of the memorandum with respect to the objects of the company and certify the registration within a period of thirty days from the date of filing of the special resolution in accordance with section 13(6)(a). Therefore, the company will have to file copy of special resolution with ROC and ROC will certify the registration within a period of thirty days. As per section 13(10) No alteration made under this section shall have any effect until it has been registered in accordance with the provisions of this section. Thus, keeping in view the above provisions, yes, the company can add the object of software development business in its memorandum and utilize the available funds for the new business. However, it will have to comply with above requirements.