Would you like to change the name of your company? All things considered, it’s not an easy task! The way toward changing a company’s name includes huge adjustments. The Companies Act of 2013 sets out a proper methodology to be followed while changing your company’s name, beginning from passing a decision to telling the RoC.
Jeff Bezos registered the company as “Cadabra” (as in Abracadabra) on July 5, 1994. Notwithstanding, Jeff renamed it to Amazon a year after the fact after his legal counselor misheard Cadabra as Cadaver.
The process to Change Company Name
Step 1: Passing a Board Resolution
The company should require an executive meeting for passing a company name change resolution. In the gathering, the governing body ought to endorse the goal. The board ought to likewise approve a Director/company secretary (CS) to check the accessibility of the MCA database.
Later an Extraordinary General Meeting (EGM) must be led to pass a special decision.
Step 2: Checking the Availability of the Name
In this progression, the approved Director or the CS will apply to the Ministry of Corporate Affairs (MCA) in Form INC-1 for checking the name accessibility and ensuing endorsement of the equivalent. The MCA will go through the Form and check on the off chance that it meets the important measures and checks on the off chance that it is like any current company name.
If the proposed name is accessible, the RoC will send a letter to the company. If it’s not too much trouble, note that this is only an affirmation concerning the accessibility of the proposed name. This, in no way, shape, or form, is a letter of approval in regards to the name change.
Step 3: Passing a Special Board Resolution
After the proposed name is discovered to be accessible, the approved chief should require an Extraordinary General Meeting (EGM). The gathering, after due consideration, will pass an uncommon goal for changing the company name and for consolidating the adjustment of the AoA and MoA of the company.
Step 4: Applying with the RoC
Within 30 days of passing the exceptional goal, similar should be recorded with the RoC. Another difference in company structure, MGT-14, ought to accompany the goal. Structure MGT-14 should contain the subtleties of the uncommon goal. Consequently, the accompanying documents ought to likewise be submitted alongside it:
- Notice of EGM
- The explanatory statement of the EGM
- Certified copy of the special resolution
- Altered MoA
- Altered AoA
After recording the MGT-14, the company should document the INC-24 requesting the endorsement of the focal government to change the company name. The SRN acquired while documenting Form MGT-14 should be referenced in Form INC-24 alongside the SRN of Form INC-1 recorded prior.
With INC-24, the company needs to present a duplicate of the minutes of the EGM that passed the unique goal. The INC-24 ought to likewise specify the accompanying subtleties:
- Justification of the name change
- Number of individuals who went to the EGM
- Number of individuals who decided in favor of and against the decision
- Percentage of shareholding
The endorsed expense for the change should be paid to the RoC.
Step 5: Issue of the Certificate
On being contented with the documents, the RoC will give another certificate of fuse to the company, with the changed name. This would conclude the method to change the name of the company.
Obligations of the Company After Receiving the Certificate of Incorporation
When the company gets the new certificate of consolidation, it should do whatever it may take to fuse the changed company name in every one of the duplicates of the AoA and the MoA. Furthermore, the company ought to orchestrate printing new duplicates of the altered AoA and MoA.
According to Section 12(3)(a) of the Companies (Incorporation) Rules, 2014, the new company name ought to be joined external each spot or office where the business is continued, in intelligible letters. In like manner, it ought to be written in one of the dialects that are of general use nearby. Along these lines, it ought to be engraved in clear characters in all company seals.
Segments 12(3)(c) and 12(3)(d) require the new name to be imprinted on all billheads, notifications, letters, and different distributions of the company. Additionally, it ought to likewise show up conspicuously on every single promissory note, bills of trade, hundies, and other comparative documents having a place with the company.
The company ought to promptly apply for another PAN and TAN. Additionally, it ought to inform the banks (where the current record of the company is deployed) and concerned government authorities also.
Most effortless Way to Change Your Company’s Name
The 5-step process actually takes a ton of work and can be tedious. If you think that it’s confounding or need to stay away from the problem of the cycle, you can get your company name changed through PlanMyCompany. Further, our specialists will deal with drafting goals, altering your AoA and MoA, rounding out and recording every one of the structures, and controlling you through the entire cycle.
