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Amendment to Memorandum of Association

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Amendment to Memorandum of Association (MOA) Object Clause

Memorandum of Association, generally called as Memorandum of the Company or MOA contains the provisions such as name of a company, Objects, Share Capital, etc.

Alteration of Memorandum of Association generally refers to alteration in the objects of the company. A company is only authorized to conduct business activities provided in objects clause of the company’s MOA. Any business outside the scope of the activities in the MOA is illegal and beyond the power of the company.

Company can alter its objects by adding or deleting objects in the MOA subject to compliance of process under Companies Act 2013.

At the time of incorporation, the usual practice is to indicate one or two businesses that the promoters propose to be engaged in. Subsequently, the company may look at other activates. This is possible by adding new activities in the objects of the company. Sometimes, it may require removal of some activities; this is possible by deleting or redrafting the objects clause of the MOA.

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Overview Alteration of Objects in the Memorandum of Association

If the name of the company indicates any activity, the objects of the company should be in line with the objects reflected in the company name. If the company’s name does not reflect any particular activity, the company can have multiple activities in its MOA. It is advisable that the name of company and activities should not be contradictory.

Procedure for Alteration

A meeting of the Board has to be convened first to decide the proposal of alteration of objects clause or MOA and thereafter the General Meeting is required to pass the resolution for amendment of the objects clause. Required returns shall have to be filed with the Registrar of Companies within 30 days of passing the resolution.

1. What is Memorandum of Association (MOA)?

MOA is the charter document of a company. A company is created by registering the MOA.

2. What are the objects of a company?

The objects of the company are described in the MOA. It is classified as main objects, incidental object and other objects. A company cannot pursue any objects that are not described in the objects clause of the MOA.

3. Who can amend the objects of a company?

Shareholders can amend the objects of a company by a ¾ majority vote.

4. Is any approval required for amendment of objects clause?

Prior approval from the Government of India is not required for amendment of the objects of a company. The decision of shareholders is final and the changes will be effective from the date of resolution. The Company shall have to file the copy of resolution within 30 days of passing the resolution and the Registrar of Companies shall issue a corticated of registration of alteration of objects clause.

5. Do the objects have to be reflected in the company name?

No, the company name need not be indicative of the objects of a company. However, if the name contains any particular activity-related words, it is advisable to have such activity included in the objects clause, failing which the company name becomes misleading.

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