At the time of its incorporation, promoters of a company (generally signatories to the MOA) are required to document its object(s) in the MOA of the company. A company cannot carry on any business activity which has not been mentioned in its MOA. In case the board wishes to amend the object(s) of the company subsequently, they may effect such change, provided the MOA is appropriately amended and approved by MCA. Certain relevant queries in connection with the same have been dealt with below.
An existing companymay change the objects of the company for the following reasons:
- The existing business becomes illegal due to change in law
- The partners of the Company wants to change the business voluntarily
- One of the objects mentioned is no longer required
- The partners want to add additional business object
- Any other reason requiring such change
- Passing a board resolution for changing the objects of the company
- Amending the MOA of the company
- Preparation and passing a Special Resolution in the Extra-ordinary General Meeting of the company
- Preparation and filing of E-form 14 for registration of such change
- Special Resolution needs to be published in one English and one vernacular newspaper in the place where the registered office of the company is situated.
- Such details shall also be placed on the website of the company.
- The dissenting shareholders shall be given an opportunity to exit by the promoters and shareholders having control.
- Appropriate Government fees is payable depending upon the authorized capital of the company.
In terms of the extant provisions of the law, the relevant documents and e-forms in respect of any change in objects of a company should filed with the MCA within 30 days.
The process of change in object of the Company takes around 1-2 weeks, subject to submission of correct information and complete documentation.
Legal Terminus can help you with changing the objects of your company, as and when required, in a hassle-free manner within a reasonable time span and for competitive professional fees. To know more, please book a telephonic appointment with one of our consultants free of charge.
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Please note that the above plan includes applicable Govt. Fees