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Change Main Object of Company in India

 

The main object change means amending the MOA of the company. All you have to do is to convene an EGM and take the approval of the 75% shareholders and file the special resolution along with amended MOA in MGT-14.

Company Main Object Change in MOA

You will spot the main objects of a company in the Memorandum of Association, and it 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 objects mentioned in the MOA of a company is of great importance, and this clause determines the very purpose of the company.

 

Important Points Relating to the Main Object

  1. Acts Beyond The Main Object Is Ultra Virus
  2. You Should Periodically Check Moa
  3. 100% Online Service To Amend MOA
  4. Talk To Us And We Will Guide On Process

List of Documents for Alteration of Object of the MOA

 

S.No A. Documents of Directors/Shareholder
1  Current Certificate of Incorporation
2  MOA and AOA in Word Format
3  List of Directors and Shareholders
4  Proposed Main Object of the Company
5  Digital Signature of the Authorised Director
6  Letterheads (approx 10) and rubber stamp of director

Stepwise Procedure to alter the object clause of the MOA of the company

Step - 1: Obtain Board of Directors Approval for change of object

Obtain Board of Directors Approval for change of object

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.

Step - 2: Convene an Extraordinary General Meeting (EGM) of Shareholders

Convene an Extraordinary General Meeting (EGM) of Shareholders

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.

Step - 3: Filing of Special Resolution to ROC in Form- MGT-14

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

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.

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Step 1. Obtain Board of Directors Approval for change of object

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.

Who can be a Sole Proprietor?

A sole proprietor is the absolute owner of a Sole Proprietorship Business. Any person who is above 18 years of age and who is otherwise capable of entering into a lawful contract is eligible to start a business as a proprietorship. The option to create a proprietorship is available to Indian Citizens only, and Foreign Citizens are strictly not allowed to set up or operate a proprietorship firm. However, an NRI and OCI are permitted to establish proprietorship firms subject to no repatriation of their profits.

How to Register a Sole Proprietorship Firm?

Ease of formation is the most significant feature of the sole proprietorship form of business. There is no prior registration required to start a proprietorship firm. Similarly, after starting the business, no law makes it mandatory to register the sole proprietorship. No agreement, deed, or documents are to be prepared for creating a proprietorship, and the firm’s registration is also not required.

Can I later convert my Proprietorship into a Company or LLP?

Yes, the proprietorship can be converted to LLP or Private Limited Company. However, the conversion process is complicated, and unless it is not necessary due to existing contracts or IPR, we do not advise going for the conversion.
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