CHANGING THE NAME OF THE COMPANY
A business name change is the process of developing a new name for a business and legally registering the business under the new name.
While there is a technical difference between a business name and a brand name, for the purposes of this article we are using the terms interchangeably.
Reasons to do a Business Name Change
- You’ve Outgrown Your Name
- Your Name Causes Brand Confusion
- Your Name Is Failing to Stand Out
- You’re Facing a PR Disaster
- You’ve Expanded Beyond Your Geography
- Your Business is Named After Its Founder
- Your Business Name is an Acronym
- Due to any other reasons.
Procedure for alteration of Memorandum- Name Change
1. Board resolution for application for reservation of the new name
2. Application for change in name shall be filed in RUN (Reserve Unique service along with
(a) NOC by way of resolution of the Board, in case the name is similar to a existing company or to the foreign holding company
(b) NOC for use of Trademark, if any word in the name mark/applied for registration as Trademark a registered Trade
(c) Proof of Relation, if the name(s) include(s) the name of Relatives
(d) NOC from owners/partners of such entity for use of name in case the pro moters are carrying on any Partnership firm, sole proprietary or unregistered entity in the name as applied for
(e) Certified true copy of board resolution/consent by all the subscribers athorizing to subscribe to MOA for approval of name in case of body corporate subscribers
(f) copy of Board resolution
(g) in case name requires Central Government Approval as per Rule 8, copy of approval ). In principle approval from the concerned regulator, if applicable )
Note:
1. The objects of the proposed Company and other relevant comments in support of the proposed name shall be mentioned in the comment column of the Form
2. Validity for approval of name in case of change of existing company60 days from the date of approval
3. Only two name can be applied in application through RUN service.
4. No resubmission is allowed in RUN service
5. Board resolution for alteration of name clause and proposing alteration of Articles of Association
6. Special resolution for alteration of name clause and alteration of Articles of Association
Note-The change of name shall not be allowed to a company which has not filed annual returns or financial statements due for filing with the Registrar of which has failed to pay or repay matured deposits or debentures or interest thereon except after removal of such default by the Company.
3. eform MGT-14 within 30 days of passing of special resolution for filing resolution and altered MOA and AOA with Registrar alongwith:
(a) Special resolution along with explanatory statement
(b) Consent to shorter notice (if applicable)
(c) Altered copy of MOA
(d) Altered copy of AOA
Copy of Central Government’s approval, if required
4. eForm INC-24 for intimation of change of Name within 60 days of application in RUN alongwith:
(a) Minutes of general meeting -wherever special resolution is passed
(b) Copy of approval order obtained from the concerned authorities/ department, if applicable
(c) Certificate from Chartered Accountant regarding turnover details from new activity, if change of name is due to change in main activity of the company(d) Altered copy of Memorandum and Articles of Association
The article has been prepared considering the relevant Guidelines/ Circulars/ Notifications/ Provisions of the Companies Act, 2013. Readers are requested to cross-check the provisions before acting upon the same. The author will not be liable for any damages or penalties caused.
About Author:- Author Sagar Kapoor is a Practicing Company Secretary at Delhi. Founder of Sagar Kapoor & Associates. The author has core knowledge in Company Law matters specially. You can get in touch with the author at CSsagarkapoor@gmail.com.
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