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CHANGE OF OBJECT OF THE COMPANY

There is always a motive or an aim for which the Company is set up. There are many objectives and aims which are set up in a Company. But there can be times when the goals and aims can change, for an individual as well as for a Company as well. Thus let us see about this change of the Object of a Company in this post. 

 

An objects clause is a provision in a Company's constitution which states the purpose of the Company. It tells us why the Company is functioning. This object clause is the third clause of the Company Memorandum of Association which states the objects of the Company’s incorporation, i.e. the purpose of the business. In order to change these objectives, the Memorandum of Association has to be amended in accordance with the provisions of Sections 13 of the ComPANies Act, 2013. 

 

The objective of the Company would come into effect only when the registration has been made of a special resolution in the prescribed form and within such time. Moreover, one needs to be extremely careful while amending the object clause for there are many chances of making many common and small mistakes which can result in the rejection of the application. 

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FAQ - Frequently asked questions

Why is there a need for change of the Object of the company?

There is always a motive or an aim for which the company is set up. There are many objectives and aims which are set up in a company. But there can be times when the goals and aims can change, for an individual as well as for a company as well.


What are the Articles of Association and Memorandum of Association?

These are documents that every Company must possess. These Articles of Association defines the scope, rules, objectives, vision and mission of the organization. They also contain details regarding all the shareholders and directors of the company and are integral documents that every Company must-have.


When will the changes made to the object come into effect?

The changes made to the objectives will be effective only after the Registrar of Companies receives, accepts and acknowledges the application made. After the receival of their receipt, the company has the right to carry on the updated activities.


Do we have to change the name of the company because we are altering the objectives of our company? Do these both go hand in hand?

No, both of these are not interdependent. You do not have to change the name of the company in every case. However, if the present name, in no way reflects the new activities undertaken by the company, the Registrar of Companies may request the business to change the name of the company so that it has some relations to the new activities performed by the business.


Whether it is mandatory to have a new set of MOA after alteration

Yes after the alteration of object Clause Company will retain the latest altered MOA by substituting the older one.


Whether the company have to keep new MOA at the registered office of the company

Yes, the company have to keep a hard copy of an altered set of MOA at the registered office of the Company.


Whether the company have to keep new MOA at the registered office of the company

Yes, the company have to keep a hard copy of an altered set of MOA at the registered office of the Company.