Change Objective

As your company expands and changes, it's normal to want to steer it in a direction you hadn't planned. Your memorandum of association (MoA) must be updated and all relevant procedures must be followed if your company's objectives alter.

The MoA details the company's two primary goals:

Main Object:- Covers the company's core commercial activities.

Ancillary object:- Covers the necessary tasks for carrying out business strategies and requirements.

To change these objectives, you must complete the next five steps.

Step 1: Board Decision

The Board should convene a meeting and pass a resolution to change the company's name and objectives. The paperwork should be signed, attested to, and submitted to the RoC by a director or the company secretary.

The extraordinary general meeting (EGM) site and time will then be determined.

Step 2: EGM special resolution

The members will vote on a special resolution during the EGM. The members' reaction to the special resolution has been received. All members should receive a message with pertinent information. Once this notice has been delivered, the resolution is deemed adopted.

Step 3: Submit MGT-14 along with RoC.

In order for the procedure to proceed, the corporation and/or its director(s) must deliver the form MGT-14 to the RoC. Several additional documents, which are given below, must also be submitted with the application for the same.

Step 4: a new certificate of incorporation is issued.

If the CIN number changes as a result of a change in the industry code, the RoC will issue a new certificate of incorporation to the business.

Step 5:- Incorporating the MoA Object Clauses.

Once the RoC approves the certificate of incorporation, the business is required to take the necessary steps to include the object provision in all copies of the MoA.