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Why to change Business Objective?
A Company cannot carry on activities except provided in its MoA
To carry on new activities requisite procedure is required to be followed
Approval of RoC is required before carrying any different activity
Changes in demand by the consumers and competitive change
Vertical or horizontal expansion of the business activities
Inclusion of new project activities for the company
Changes in latest technologies prevailing and in relation to companies objective
Loss making activities to be removed from the main object of the company
The activities does not yield the interest as expected
When current activities of the company are now prohibited or banned by Government
Frequently Asked Questions
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.
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.
Information with respect to activities to be added or changes in activities shall be provided to LegalWiz.in along with the MoA - AoA and other details of the company.
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.
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.
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.
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.
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.
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.
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
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Expansion and growth of the business requires changes in current objective of the company. As Companies Act prohibits any company to engage in to any activity not included in the MoA of the Company, it is required to keep the Memorandum of Association (MoA) of the company updated. Changes in Business Objective i.e. object clause of the company requires a procedure to be followed as prescribed under the Act. LegalWiz.in is leading online service provider, experts of LW can help you to change the Object Clause of the MoA of Private Company as per your requirement at affordable prices with no hassle and quick turn-around time. At LegalWiz.in, we cater to customers who are looking for better, faster and affordable services. We guarantee highest quality standard backed by 100% customer satisfaction. Our team of expert Chartered Accountants, Company Secretaries and a network of qualified professionals take care of the procedure for change in Object Clause of the company in India as per the requirement of the client considering the provisions of Indian Companies Act, 2013. To change Business Objective, you need to spare only 10 minutes to provide details of the changes required in the original object clause. All you need to do is answer few simple questions and share documents related to company and rest will be taken care by the experienced team of LegalWiz.in. Experts on subject matter are available on call or via email to answer your queries. We also provide a full spectrum of Services including Change in Registered Office Address, Change of Company Name and other details, Accounting and Bookkeeping Services, GST Registration, Tax Registration and filings, Incorporation of Private Limited Company, Incorporation of Limited Liability Partnership, Trademark Registration, Copyright Registration, Personalized Legal Document Drafting and more. We offer services through an online model and a network of trusted affiliates across all major cities in India including Mumbai, Delhi, Ahmedabad, Rajkot, Surat, Pune, Bangalore, Hyderabad, Vadodara, Kolkata, Chennai, Noida, Gurgaon and others.