Multi-system operator (MSO) Siti Cable Network has sought the approval of its shareholders for changing the name of the company to Siti Networks Ltd.
The company has proposed a special resolution and put it up for voting before the shareholders.
The last date for returning the completed postal ballot form to the registered office is 27 July, 5 pm.
Shareholders can also use the e-voting facility to cast their vote.
Upon completion of the scrutiny of the postal ballot forms and e-voting, the scrutiniser will submit his report to the company and the results of the postal ballot will be announced on 29 July.
Giving reason for the name change, the company said that the word cable used in the name is restricting and limiting the scope and area of business operation of the company as ‘cable operator’ within the territory of a city/town.
It further stated that in common parlance the word ‘cable’ used in the name of the company also gives an impression to the public that the company is either manufacturing or trading in cable wires.
It is pertinent to mention here that the word/mark ‘Siti’, being a prominent word used in name of the company, has acquired a distinctive character, brand equity and recall value.
It further stated that the word ‘Siti” is a well-known brand/trade mark in the media and entertainment industry, which is exclusively associated with the company.
Therefore, the word ‘Siti’ used in the name of the company is sufficient for the members of the trade and general public to associate and identify the services being provided by the company under its brand ‘Siti’.
“It has thereof, become imperative to change the name of the company to ‘Siti Networks Ltd’ by removing the word ‘cable’ from the name of the company,” the company said.
The Registrar of Companies, Central Registration Ministry of Corporate Affairs, has approved the availability of name ‘Siti Networks Ltd’ under Section 4(5) of the Companies Act, 2013.
As per the provisions of Sections 13 and 14 of the Companies Act, 2013, the proposed name change and consequent alteration of memorandum and articles of association of the company require approval of the shareholders of the company through a special resolution.