Change in Company Objectives
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Basic Plan
+GST
- Legal Consultation for Company name change
- Basic Name Search and Availability Check
- Electronic Document Delivery
Form Submission:
a) Form RUN
b) Form MGT-14
c) Form INC-24
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Basic Plan
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- Drafting of Board Resolution
- Drafting of Special Resolution
- Assistance with Newspaper Advertisement
- Hard Copy Document Delivery
- Assistance with Updating Bank Accounts
- Assistance with Updating Business Records
- Assistance with Updating Legal Documents
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- Assistance in Trademark application/update
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Overview
A company’s objectives define what it does, its purpose, and its business activities. Sometimes, businesses need to modify, expand, or shift their objectives to explore new opportunities, enter new industries, or comply with legal changes.
Changing company objectives is not just a business decision but a legal process that requires approvals from shareholders, the Registrar of Companies (ROC), and in some cases, regulatory authorities.
This guide will help you understand everything about changing your company’s objectives, including why, when, and how to do it legally and efficiently.
Why Would a Company Need to Change Its Objectives
A company may need to change its objectives for various reasons, such as
Expanding into a new industry or sector
Example: A textile company adding a clothing e-commerce business
Changing business activities completely
Example: A travel agency shifting to software development
Adding new products or services
Example: A digital marketing agency offering IT consulting services
Complying with government regulations
Example: A finance-related company needing an RBI license
Adapting to market demand
Example: A paper-based company moving to digital services
Example: A company initially registered for software development decides to start IT consulting services and needs to update its objectives.
Need To Update
A company may need to update its AOA due to
Process to Change Company Objectives
Need to Update
- The company’s Board of Directors must approve the change in objectives.
- Pass a Board Resolution to schedule a General Meeting of shareholders.
- Prepare the draft amendment to the Memorandum of Association (MOA).
- Send a notice to all shareholders at least 21 days before the meeting.
- Include the revised company objectives in the notice.
- Conduct the General Meeting with shareholders.
- Pass a Special Resolution (75% majority approval required).
- Approve the amended MOA with new objectives.
- Submit Form MGT-14 within 30 days of passing the resolution.
- Attach the amended MOA, Board Resolution, and Special Resolution.
- The Registrar of Companies (ROC) reviews and approves the request.
- Once approved, the updated MOA is legally valid and the company can operate under the new objectives.
Example: A manufacturing company that expands into import-export trading needs to file MGT-14 with ROC to legally operate its new business activities.
Documents Required for Changing Company Objectives
Need to Update
Tip: Ensure all documents are signed, stamped, and filed on time to avoid penalties.
Need to Update
Need to Update
Frequently Asked Questions
1. How long does it take to change company objectives?
It usually takes 15-30 days, depending on ROC approval and regulatory clearances.
2. What happens if we don’t update company objectives legally?
Your company may face penalties, rejected business transactions, and regulatory action.
3. Do we need to inform customers and investors?
Yes! It’s advisable to inform clients, investors, and business partners about the change.
4. Can a private company change its objectives?
Yes, both private and public companies can modify their objectives following legal procedures.
5. What is the government fee for filing MGT-14?
The fee depends on the company’s authorized capital, typically ranging from ₹200 to ₹6000 or more.
