procedure for change of name of company
Procedure for Changing the Name of a Company in India: A Comprehensive Guide
Introduction:
Changing the name of a company in India requires a formal procedure to be followed, ensuring compliance with the legal framework and regulations set forth by the Ministry of Corporate Affairs (MCA). This article will provide a step-by-step guide on the process involved in changing the name of an Indian company. Whether you desire to rebrand your business, adapt to market trends, or simply seek a fresh identity, understanding the process is paramount. So, let’s delve into the intricacies of this crucial corporate modification.
Procedure:
1. Company Board Meeting: The first step in initiating a name change is to convene a board meeting of the company. This meeting should be called by providing proper notice and must be attended by a quorum of directors as per the provisions of the Companies Act, 2013.
2. Proposing a Name Change: During the board meeting, a resolution must be passed proposing the change in the company’s name. This resolution should be duly recorded in the minutes of the meeting, highlighting the rationale behind the proposed name change.
3. Checking Name Availability: After the resolution is passed, the availability of the proposed name should be checked with the Registrar of Companies (ROC). The MCA provides an online platform, the MCA21 portal, through which this availability can be verified. This ensures that the proposed name is not identical or too similar to any other existing company in India.
4. Application for Name Approval: Once the proposed name is deemed available, an application for name approval must be filed with the ROC. The prescribed form for this purpose is the RUN (Reserve Unique Name) form. The application should include all the necessary details and supporting documents, ensuring compliance with the relevant rules and regulations.
5. Approval and Issuance of Name Availability Certificate: Upon successful processing of the application, the ROC will review and examine the details provided. If the name is found to be compliant, the ROC issues a Name Availability Certificate, confirming the approval of the proposed name change.
6. Convening a General Meeting: After obtaining the Name Availability Certificate, the company must call a general meeting of its shareholders. A special resolution for the name change should be proposed and passed during this meeting. The notice of the general meeting, containing all relevant details, is issued to the members in advance.
7. Filing of Required Documents: Following the passing of the special resolution, the company is required to file necessary forms and documents with the ROC. These documents include the special resolution, altered Memorandum of Association (MOA), and Articles of Association (AOA) reflecting the new name. All necessary fees and forms should be submitted as per the prescribed timelines and formats.
8. Approval of ROC: The ROC reviews the filed documents and, if satisfied with compliance, issues an order approving the name change. Upon receiving the order, the company’s new name is officially registered, and the necessary changes are made in its records.
9. Name Change Intimation: It is vital to inform all stakeholders, including clients, customers, vendors, and regulatory authorities, about the company’s name change. This can be achieved through appropriate means such as revised printed materials, updated websites, official letters, or public announcements.
Conclusion:
Changing the name of a company in India involves a detailed and lawful procedure governed by the provisions of the Companies Act, 2013. By following these steps diligently and ensuring timely compliance with the MCA’s regulations, a company can successfully alter its identity. Remember, obtaining legal advice and professional guidance can streamline the process, facilitating a smooth transition and avoiding any complications. Stay informed, and make the necessary adjustments to ensure your Indian company’s name accurately reflects its vision and goals.,
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procedure for change of name of company
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procedure for change of name of company
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