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The Memorandum of Association (MOA) of the Company consist the clauses like name Clause, Objective Clause, Registered office Clause, Liability Clause, Share Capital Clause.
After the incorporation, the company can alter any of the clauses of Memorandum of Association at any time for whatsoever reason.
Section 13 of the Companies Act, 2013 deals with the alteration of Memorandum of Association of the Company. In this article, we will look into the procedure for change in object clause of the Company.
The object clause defines the main business activity of the Company. The detailed information list of activities the Company is going to pursue after its incorporation. The object clause can be bifurcated into a two-part main object and ancillary object. The ancillary object shall help in the conduct of the Main Objects of the Company or are necessary for the conduct of the main objects.
Below is the procedure to be followed for change in object clause:
The following additional requirement while altering the objects clause of Memorandum of Association of the Company to be followed by the Company if the company has raised money from the public through the prospectus and has any unutilized amount out of the money so raised:
After taking duly approval from Board of Directors, now take an approval from shareholder by passing Special Resolution at General Meeting of the Company.
For following classes of the Companies shall pass a Special resolution by Postal Ballot only:
The company shall file MGT-14 within 30 days from the Meeting along with the following attachments:
On satisfaction of application ROC shall register the alteration and certify the registration within a period of 30 days from the date of filing of the special resolution.
After alteration, the company shall note such alteration in every copy of Memorandum of Association.
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