Change

Business Activity

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OBJECTIVE OF BUSINESS AND ITS CHANGE

The business objectives are defined in the main object clause of MoA, when particularly talking about the company. The business objectives define the scope of the company's principal of business activities within which it may operate. A company cannot undertake those activities, which are not mentioned in its object clause. With strategic changes there is a reason of expansion, a company may require to undertake new activities or update business activities in MoA. After the approval from Ministry and consent of shareholders this change in object clause of MoA is possible.

CHANGE IN THE OBJECTIVE OF THE BUSINESS

  • New Activities to be undertaken: the main reason to change business objective is the addition of new activities. The change is also backed by the horizontal or vertical expansion of the activities, which were not mentioned while incorporation of company. Therefore, the company must undertake the change of business activity prior to undertaking such activities.

  • Takeover of the Company: many times a company is takeover by another company just for the sake of its good market value. For leading the business further the objects of the company acquired must be updated. The object can be changed either before or after the takeover depending on the requirement.

  • Removal of Abandoned activities: the memorandum of the company is accessible to any person, who may refer it before binding into contractual relation. Hence, one must make sure that the objects must be updated with the Ministry even by deleting certain activities that the company has abandoned to undertake.

  • Ban or prohibition of Current activities: The Government policies have the probability to change anytime, which essentially affects the company and its operations. If the undertaken activities by a company is declared to be banned or prohibited, such an object must be changed completely or removed from MoA, as required.

WHAT ARE THE DOCUMENTS REQUIRED TO CHANGE OBJECT CLAUSE OF MoA?

  • Digital Signature Certificate

  • Detail of change

  • MoA & AoA

Documents required to change object clause of MoA

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MoA & AoA

A copy of latest amended MoA and AoA of the company

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Digital Signature Certificate

DSC of one of the authorized director to be provided

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Detail of Change

Details of the proposed change in activites

WHAT IS THE PROCESS OF CHANGE IN OBJECT CLAUSE?

  1. DAY1:
    • Taking consultation and assistance for a change of the object.

    • Collecting all the basic information and documents.

  2. DAY 2-3
    • Drafting all the necessary documents and resolutions.

    • Drafting all the new object clause of MoA.

    • After signature provide all the required drafted documents.

  3. DAY 4-5
    • Preparing an application for change of business activity
    • Filing an application for approval of MCA.
  4. DAY 5 onwards
    • Government processing time.

FREQUENTLY ASKED QUESTIONS(FAQ's)

Yes, the object clause is part of the Memorandum which must be altered to give the impact or effect of change of business objective. While making an application, the altered MoA shall also be filed with RoC. The Registrar deems appropriate, he may ask for the adoption of new set of Memorandum and Articles in line with Companies Act, 2013.

Not in every case the change in the name of the company is necessary. However, where the existing name of the company fails to reflect any relations or the new activities thereto, the registrar may direct to change accordingly the name of the company.

If the change of name of the company is made due to change in the company's main objective, both the procedures can be carried on simultaneously. However, as the approval of the government is involved, the period can vary based on time taken by RoC and on the response.

An application to update business activity is filed within 30 days of obtaining the content of shareholders (i.e. General Meeting). Point must be noted that before indulging in activities the approval is needed.

After receipt of approval by the Roc for the application made then only the change of object is effective. Only after approval, the company may carry on updated activities.

One should make sure that the new object must also covers all the ancillary activities to the main object. Also, even after the change of the object the name should represent the object correctly, else the RoC may direct name change.

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