The name of a company can be changed for various reasons, with the consent of shareholders. Regardless of time and reason, the name of the company can get changed but with the mutual approval of the shareholders.
The name of a company can be changed for various reasons, with the consent of shareholders. Regardless of time and reason, the name of the company can get changed but with the mutual approval of the shareholders. The reason can be anything, like changing the mission of the company, change in management, conversion from private limited to public limited and so on. The provisions of the Companies Act, 2013, which deals with the change in the name of the limited company.
The general provisions of the company's name change as follows. According to Section 113 of the Act, a company can change its name through a special resolution and the written consent of the Central Government. However, the consent of the central government is not needed when in the case when the change in the company's name in the relations to the addition or removal of the word 'private' to from the company's name which will lead to the conversation of the company from private to public and vice versa. Section 13(2) says when the company's name is altered, the old name of the company shall be replaced by the name in the register of the companies and the registrar shall do this. Apart from this, the registrar must also issue a new certificate of incorporation with the name. Such changes in the company's name are incomplete and ineffective until unless the fresh certificate of incorporation is issued. Section 4(2) says the things which should be taken care of under this section are. The company name mentioned in the memorandum shall not be indistinguishable from the name of any other existing company which is registered under the company's act or any company law prevailing before the company's act. The company name mentioned in the memorandum shall not be that, the usage of which will create an offence under any law which is effective then. According to the Section 4(3) of the Act, a company shall not be registered with a name that has any word or expression which is likely to indicate that the company is associated or connected to or has the patronage of the central government / local authorities. Rule 29(1) restricts the name change act for the company, which has failed to file the annual returns or whose financial statements are pending for filing with the registrar. According to the rule, the change in the company's name shall be allowed only after when the company duly files all required documents and returns and pay thereon.
Procedure for changing the name of the limited company in India is, the first one is to organize a board meeting. A board resolution shall be passed for changing the name of the company and Authorizing the director of the company. The second step is confirmation of the availability of the proposed name. The third one has convened an extraordinary general meeting. The fourth one is the filling of special resolution and application to the registrar. The following documents shall be filed with the registrar of companies. The fifth one is obtaining a new certificate of incorporation.
Shareholder’s agreement is a mechanism which saves the company from losses and protect its interest. Every shareholder agreement has to have the key provisions stated above to create a balance between the shareholder interests and the company’s interests
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