Change of Company Name
Sometimes companies as a strategic move wish to change their name for which approval is required from the registrar of companies and requires alteration of memorandum of association and article of association. Apart from filing the documents it also requires checking name availability with Ministry of Corporate Affairs, in case the name to be changed is available and is approved from the Ministry of Corporate Affairs, then only further proceeding would be required.
Before proceeding for filing of document with Registrar of Companies, it required to reserve the proposed name by filing prescribed form. After approval of name it is required to call general meeting of the shareholders, alteration of memorandum of association and filing of application with Ministry of corporate affairs. If the Ministry of corporate affairs accepts the application, then a new incorporation certificate is issued to the company with name change. Filing wrong information and supporting documents may lead to rejection of application. So, it requires expert supervision and professional support.
We at TaxMuneem take care of all your needs by providing personal supervision to compile forms and supporting documents.
Application Fees for filing the necessary forms
Preparation of Minutes of the Members’ meetings.
Change in Memorandum of association
Fresh Application fees in case the application is rejected.
Any penalty/ late fee amount in case of non-compliance
Minutes of the Members’ meeting
Memorandum of association.
Any other document required
1 week time for reservation of name
2-3 days for filing the necessary forms with ROC for name change.
Since the Change in name of the Company will require the Alteration of the Memorandum of Association of the Company, therefore, Section 13 of the Act contains the provisions relating to the change in the name of the company.
First of all the company is required to reserve the desired name by filing RUN form. Thereafter, the name of the Company can be changed by altering both the Memorandum of Association and the Articles of Association which requires filing of MGT-14 with ROC.
The following shall be the procedure for the change in name: –
- Board Meeting shall be called for the approval of the name. The board meeting shall be called to apply the approval for the name to the Registrar.
- Annual General Meeting shall be convened to take the shareholders’ approval for change in the name. Such an AGM shall be conducted after the approval of the Name by the Registrar of Companies.
- In the General Meeting, the Special Resolution shall be passed, and such Resolution shall be filed with the Registrar. Form MGT-14 shall be used for this purpose.
- Once the Special Resolution is filed with the Registrar, then, the company shall be required to file the application for change in name with the Central Government in Form INC-24.
- Upon the satisfaction of the Registrar on the application for change in name of the Company, the Registrar shall issue a new Certificate of Incorporation.
Since, Section 13 does not contain any penalty provisions, therefore, Section 450 shall apply in this case. Accordingly, if the person or any officer of the company or any person contravenes with the provision of this Section, then, the company and every officer in default or any such person shall be punishable with a fine which may extend to Rs. 10,000/- and Rs. 1,000/- for every day during which the default continues.