1What is Object Clause of Memorandum of Association (MoA) of Company?
The object Clause of the MoA is where the activities to be carried on by the company during the course of business are provided. The said clause defines the scope of activities of the company. Any activity not included in Object Clause cannot be carried on by the company.
2Whether the object clause of my Company can be altered or changed?
Object Clause of MoA can be amended by following the procedure prescribed in Indian Companies Act, 2013. The procedure includes approval of Registrar of Companies (RoC) to carry on the change of Object of the company.
3What are the documents required to be submitted for alteration of the object clause of the company?
Information with respect to activities to be added or changes in activities shall be provided to ccadvisors.in along with the MoA - AoA and other details of the company.
4What time will be taken to complete the procedure of the change of business objective?
The procedure of change of business objective shall take five working days for preparation of documents and making application. However, as the approval of the government is involved, the period can vary based on the response and time taken by RoC.
5When the application of approval to RoC is required to be made?
The application for the said changes shall be made within 30 days from passing the resolution in the general meeting of the members of the company.
6When the change of object will be in effect?
The alteration in main object of the company will be effective only after receipt of approval by the RoC for the application made in this regards.
7Whether the alteration in Memorandum of the company is to be made?
Yes, the Memorandum of the company shall be altered giving effect of the change of business objective. The said altered MoA shall also be filed with RoC while making an application. Where the RoC deems appropriate, he may also ask for the adoption of new set of Memorandum and Articles in line with Companies Act, 2013.
8Whether any restriction is levied for change of object of the company?
Restriction for change of object is levied on Public Company, which has raised money from public through prospectus and has any unutilized amount out of the money so raised.
9Whether 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.
10Whether the procedure of the change of object and change of name can be carried on simultaneously?
Where the change of name of the company is made due to change in main object of the company, both the procedures can be carried on simultaneously. Read more about change of name at Change Company Name