Alteration in Object and Name Clause of MOA & AOA

FOR EASE OF DOING BUSINESS UNDER CURRENT COVID SITUATION

The outbreak of the Covid-19 pandemic has prompted an unexpected move in the elements of leading business. Innovation currently permits individuals to associate whenever, anyplace, to anybody on the planet, from practically any gadget. This is drastically changing the manner in which individuals work. "The mystery of progress is to zero in the entirety of your energy not on battling the old, but rather on building the new"

As all are confronting inconveniences for the smooth running of the business. A few organizations are might be less influenced, some are decently influenced however a few organizations are seriously influenced by this pandemic. However, we have to deal with the emergency which our business is confronting. "The mystery of emergency the board isn't acceptable v/s awful; it's keeping the terrible from deteriorating." For battling this circumstance, one must consider changing the business.

For instance, if a Company was before working together of Event Management, however now during Coronavirus Situation of abrupt lockdown and limitations on get-togethers and functions the business will get influenced harshly, so clearly the Company will need to change the current business yet changing business for an organization isn't a simple assignment. It needs to adjust the Object Clause of the MOA and it may happen that changing the matter of the Company requires an adjustment for the sake of the Company for example (requires Alteration in both MOA and AOA). So thinking about the current circumstance. Here is the finished system for Alteration in Object and Name Clause of Memorandum and Articles of Association:

A company can alter its object clause by way of addition, deletion, modification, substitution, or in any other way, only if it wants:

Steps for Alteration in Object Clause and Name Clause of MOA & AOA:

1. Issue notice of Board meeting to all directors at least 7 days before the meeting. (Attachment: Agenda, Notes to Agenda, and draft resolution).
2. Hold the Board Meeting: Propose the new names and objects for the company. Pass Board Resolution for Alteration in Name & Object Clause of MOA and Alteration in Name of the Company in AOA and Authorizing a director to apply for Name Change and any other acts required for this purpose.
3. Apply in RUN Form facility available at MCA with new Name and Object (Propose 2 names) and Board Resolution as an attachment.
4. After the name approved by Roc –Receipt of Name Approval Letter: Again Conduct a Board Meeting to fix the date, time, and venue of the General Meeting, prepare a notice for EGM and authorizing a director or any other person to send notice to the Shareholders along with Explanatory Statement.
5. Pass Separate Board Resolutions for Change of Object Clause of MOA and Change of Name Clause of MOA and AOA.
6. Issue notice of General Meeting at least 21 days before the date of EGM. It can be called at shorter notice with the consent of at least a majority in number & having 95% of paid-up capital of the company giving the right to vote.
7. Conduct EGM: Check quorum and (Leave of absence if any) Pass separate Special Resolutions for- ALTERATION OF NAME CLAUSE OF MOA, ALTERATION OF NAME CLAUSE IN AOA AND ALTERATION OF OBJECT CLAUSE OF MOA.
8. Comply Section 15: Alteration to be made in every copy of MOA & AOA.
9. File Form MGT-14 for every Special Resolution in a single form. (Attachment: Notice of EGM with Explanatory Statement, Copy of SR, Shorter Notice Consent, Minutes of EGM along with Altered MOA & AOA) within 30 days of passing SR with prescribed fees.
10. File FORM INC-24 (Application for approval of Central Government for Change of Name) (Attachments: Minutes of EGM, Altered MOA, Altered AOA, and Name approval Letter of ROC within 30 days of passing SR with prescribed fees.

A Certificate of Registration of the Special Resolution confirming Alteration of Object Clause(s) and a Certificate of Incorporation pursuant to Change of Name will be issued.