The main object of a company is the boundary or limitation on the activities which a company can undertake. With the change in priorities, a company can seek to change its main object. The process is simple and easy with the experienced team of SETINDIABIZ on your side. We provide our professional services to change the object of the company legally and correctly at Just Rs. 5000/-.Schedule Free Consultation
The objects mentioned in the MOA of a company is of great importance, and this clause determines the very purpose of the company. The objective of the company as drafted in the object clause is a boundary of its operation regarding what activities the company can perform. Any act of the company beyond what is mentioned or part of the object clause is ultra vires and thus void. To change the object clause of the Moa, the company shall pass a special resolution and file the copy of the said special resolution to the ROC.
Stepwise Procedure to alter the object clause of the MOA of the company is as under
To decide on the new object or amendment in the existing object clause of the company the directors must meet in a legally convened board meeting. The notice sent to directors must contain the agenda of the meeting, and we suggest to include the proposed resolution so that the directors come prepared. We strongly recommend following the standards prescribed by ICSI in SS-1 for board meetings.
The next logical step is to seek approval of the shareholders of the company. The decision of shareholders can be taken only in a valid extraordinary general meeting. To convene an EGM, the directors must send notice to every shareholder of the company at least 21 clear days before the date of EGM. The notice of EGM must contain the agenda, draft of the proposed resolution to be passed as a special resolution.
The special resolution means a decision taken by more than 75% voting rights. The special resolution once adopted in the EGM is then filed before the ROC for their approval. The certified copy of the resolution is filed in Form -MGT-14 with the prescribed fee within 30 days of the passing of the resolution. The altered MOA and the copy of the minutes of the meeting of EGM where the special resolution is passed need to be attached to the form. With the approval of the MGT-14, the new object of the company come in force.
The main object of a company is the boundary or limitation on the activities which a company can undertake. With the change in priorities, a company can seek to change its main object.
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