Change Company Object

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Change Company Object

Get your Company’s main Object changed easily
Free Consultation

The principal purpose of a firm is the limit or boundary on the activities that it can engage in. A company’s principal object can be changed in response to a shift in priorities. With FirstFiling’s expert team on your side, changing corporate objects is simple and painless.

PLANS STARTING FROM ₹4,999

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Why and When should you Change Company Object?

The objects listed in a company’s MOA are extremely important, and this phrase dictates the company’s basic purpose. The company’s aim, as stated in the object clause, establishes a limit on the kind of activities it can engage in. Any action taken by the corporation that goes beyond what is stated in the object clause is ultra vires and consequently void. To amend the MOA’s company object provision, the firm must pass a special resolution and submit a copy of the resolution to the ROC.[/vc_column_text][/vc_column][/vc_row][vc_row full_width=”stretch_row_content_no_spaces” content_placement=”middle” css_animation=”fadeInDown” row_space=”remove_padding_top” custom_background=”bg-theme” el_class=”bg”][vc_column][vc_empty_space height=”70px”][vc_column_text]

Procedure to change Company object under the MOA of a Company

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Obtain Board of Directors Approval for change of object

The directors must gather in a properly constituted board meeting to decide on a new object or an adjustment to the company’s current object clause. The agenda for the meeting must be included in the notice provided to the directors, and we recommend incorporating the proposed resolution so that the directors arrive prepared. For board meetings, we highly advise adhering to the ICSI criteria outlined in SS-1.

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Convene an Extraordinary General Meeting (EGM) of Shareholders

The next obvious step is to seek the company’s shareholders’ permission. Only a valid extraordinary general meeting can make a decision on behalf of shareholders. To call an EGM, the board of directors must send notice to every company shareholder at least 21 days before the meeting. The agenda and draught of the proposed resolution to be passed as a special resolution must be included in the EGM notification.

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Filing of Special Resolution to ROC in Form- MGT-14

A special resolution is one in which more than 75% of the voting rights are used to make a decision. Once adopted by the EGM, the special resolution is presented to the ROC for approval. Within 30 days following the resolution’s passage, a certified copy of the resolution is filed in Form -MGT-14 with the necessary fee. The form must include the revised MOA as well as a copy of the minutes from the EGM meeting where the special resolution was passed. The MGT-14 has been approved, bringing the company’s new object into effect.

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Pricing

(All Inclusive)

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