Want to change the objective of your company
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When particularly talking about the company, the business objectives are defined in the main object clause of MoA. These objectives define the scope of the company’s principal business activities within which it may operate. A company cannot undertake those activities, which are not prescribed in its object clause. Company, which leaves all the assets and liabilities unaffected.
With the reason for expansion or strategic changes, a company may require to undertake new activities or update business activity in MoA. This change in the object clause of MoA is possible after the consent of shareholders and the approval from the Ministry.
The addition of new activities is the main reason to change the business objectives. The change isalso backed by the vertical or horizontal expansion of the activities, which were not mentioned while company incorporation. Therefore, prior to undertaking such activities, the company must undertake the change in business activity.
Many times a company is a takeover by another company just for the sake of its market value built. The objects of the company acquired must be updated as required for leading the business further. The object can be changed either before or after the takeover depending on the requirement.
The company’s memorandum is accessible to any person, who may refer it before binding into contractual relations. Hence, one must make sure that the objects are updated with the Ministry even by deleting those activities the company has abandoned to undertake.
Government policies may change anytime, which essentially affects the company and its operations. If the activities undertaken by a company is declared to be prohibited or are banned, such an object must be removed from MoA or changed completely, as required.
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ourstartupindia will help you to sign the resolution, certify, and file the necessary forms with the RoC on behalf of the company. The meeting of the board should be fixed in prior.
A special resolution will be issued to all the board members as well as members of their respective groups. The reply of the members to the special resolution is obtained through a postal ballot.
After passing the special resolution, ourstartupindia will help the company and its director(s) to fill the MGT-14 form to the Registrar of Companies (RoC) to proceed further.
After the RoC (Registrar of Companies) issues the incorporation certificate, the company must take steps to incorporate the object clause in all the MoA copies.
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