Physicswallah Limited has announced that its Board of Directors has approved the deletion of Part B from the company’s Articles of Association. The proposed change will be implemented following approval from shareholders and completion of required regulatory processes.
Reason for the Amendment
The decision follows the termination of a previously executed Shareholders Agreement (SHA) involving multiple entities. With the agreement no longer active, the provisions linked to it in Part B of the Articles of Association are proposed to be removed.
Shareholders Agreement Participants
The terminated agreement was originally executed with the following parties:
- Hornbill Capital Partner Limited
- WestBridge AIF I
- Konak Trust
- MMPL Trust
- Setu AIF Trust
- GSV Ventures Fund III, L.P.
- Lightspeed Opportunity Fund II, L.P.
- Alakh Pandey
- Prateek Boob
Proposed Change Overview
| Item | Details |
| Amendment Type | Deletion of Part B from Articles of Association |
| Basis for Change | Termination of Shareholders Agreement |
| Approval Required | Shareholders via postal ballot |
| Additional Requirement | Regulatory/statutory clearance |
Next Steps in the Process
The company outlined the procedural sequence necessary before implementation:
- Shareholders will vote on the amendment through a postal ballot.
- The company will seek applicable regulatory and statutory approvals.
- Upon completion of both steps, Part B will be formally removed from the Articles of Association.
Physicswallah stated that the amendment is intended to align the governance framework with current operational and regulatory requirements. The company continues to operate in the education technology sector.
Disclaimer:
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