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Change in Object Clause
With reason of growth or strategic changes, a company may require to undertake new activities or update business activity in MoA. This change in object clause of MoA is possible after consent of shareholders and the approval from Ministry.
The Memorandum of Association (MOA) of a company has object clauses that determine the purpose and range of activities of a company. After incorporation of a company, it may want to change object clause. This requires alteration in the MOA of the company and section 13 of the Companies Act 2013. Company can alter its object clause by way of addition, deletion, modification, substitution, or in any other way.
ComplianceIndia helps you with the simplest way to Change in Object Clause.
Reasons for Change in Object Clause
1. Many times a company is a takeover by another company just for the sake of its market value built. The objects of the company acquired must be updated as required for leading the business further.
2. The Government policies may change anytime, which essentially affects the company and its operations thus obeying the same Change in Object Clause required.
3. Introduction of new activities is the essential reason to change business objective.
4. When company is not continuing with certain activities mentioned in MoA then the same needs to be excluded from MoA.
Forms needs to be filed for Change in Object Clause
E Form MGT – 14 within a period of 30 days from the date of passing of special resolution in GM with Registrar of Companies
How we Work?
Documents Required for Change in Object Clause
Our charges for filing of Change in the Object Clause starts from Rs. 1,999/-.
Frequently Asked Questions
1. How do I intimate Ministry of Corporate Affairs about change in Object Clause of MOA?
In case a company wants to change its object clause, it can do so by filling passing necessary resolution and file eForm MGT-14.
2. What should be kept in mind while changing object?
One should make sure that the new object also covers all the ancillary activities to the main object. Also, the name should represent the object correctly even after the change of the object, else the RoC may direct name change.
3. When will the change of object be in effect?
It will be effective only after receipt of approval by the RoC for the application made. Only after approval, the company may carry on updated activities.
4. Whether change of business activity requires alteration in MoA?
Yes, the object clause is part of the Memorandum which must be altered to give the effect of the change of business objective. The said altered MoA shall also be filed with RoC while making an application. Where the Registrar deems appropriate, he may ask for the adoption of new set of Memorandum and Articles in line with Companies Act, 2013.
5. Whether the change the name of the company is required while change of Object?
The change in name of the company is not necessary in every case. However, where the existing name of the company fails to reflect the new activities or any relations thereto, the registrar may direct to change the name of the company accordingly.
6. Whether the procedure of the change of object and change of name can be carried on simultaneously?
If the change of name of the company is made due to a change in the main object of the company, both the procedures can be carried on simultaneously. However, as the approval of the government is involved, the period can vary based on the response and time taken by RoC.
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