The process of change in the object clause of NBFC is almost similar to the normal private limited company or limited company, but also require the approval of RBI. Change in object clause can be done as the Assets Finance Management Company wanted to convert to Loan Company or vice versa. The same needs to be strategically planned keeping in mind the size of the assets of the company.
Change in Object Clause of the Company involves alteration of Memorandum of Association (hereinafter referred to as “Memorandum”) of the Company. The provisions related to alteration of MOA are provided under Section 13 of the Companies Act[1], 2013 read with Companies (Incorporation) Rules, 2014.
Secretarial procedure for alteration in the object clause is given below:
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