Change in Main Object

Alteration of Object Clause / Change of Object of the Company

With the change in priorities, a company can seek to change its main object. If the Company is willing to change its business activity, then the company can alter its main objectives by passing a special resolution at a general meeting, subject to compliance with the Companies Act, 2013 and approval from ROCs. The company must also change its name to bring it in conformity with the main objectives if there is any change in business activities. The objects mentioned in the MOA of a company are of great importance, and this clause determines the purpose of the company. The process is simple and easy with the experienced team of VS IPR & LEGAL ADVISORS.

FORMS: MGT-14 – File within 30days from the date of passing special resolution.

Procedure

Preparation of Board resolution
Preparation of extra ordinary general meeting by passing Special Resolution (CTC of SR)
Preparation of Altered MOA

Documents Required

NO NIDHI Company can carry on the business of Chit Fund, Hire Purchase Finance, Leasing Finance, Insurance or Acquisition of Securities issued by any Body-corporate; issue preference shares, debentures or any other debt instrument by any name or in any form whatsoever; Open any current account with its members; Acquire another company by purchase of securities or control the composition of the Board of Directors of any other company in any manner whatsoever or enter into any arrangement for the change of its management, unless it has passed a special resolution in its general meeting and also obtained the previous approval of the Regional Director having jurisdiction over such Nidhi. Carry on any business other than the business of borrowing or lending in its own name. Issue or cause to be issued any Advertisement in any form for soliciting deposit. Private circulation of the details of fixed deposit Schemes among the members of the Nidhi carrying the words for private circulation to members only shall not be considered to be an advertisement for soliciting deposits.
Ratio of net owned funds to deposit shall be not more than 1:45