The name of a non-public Ltd. May need to be modified for variety of reasons together with modification of objective of the business, modification of management, rebranding, etc., The name of a non-public Ltd. are often modified at anytime with the approval of the shareholders and Ministry of company Affairs (MCA).
Following approvals are required for change of the company name:
- Acceptance of board of directors
- Acceptance of greater than 70% of shareholders
- Acceptance of the central government
- Acceptance of Registrar of company
Process of changing company name
- Conduct board meeting: A board meeting is needed to be conducted where a plan will be passed to change the name of the company and the director should approve a new name and check the availability for the new name with the MCA.
- Examine the availability of a new name: After passing the board resolution for name modification, the licensed person can build an application to the MCA to visualize the availability of the planned name. The planned name ought to be distinctive and will be in accordance with the rules of the Ministry of company Affairs.
- Passing special resolution: After confirming the new name , the company should conduct a general meeting under which a special resolution will be passed for changing name and building appropriate changes to the article of association and memorandum of association.
- Application of acceptance: After a special resolution of change of company name has been passed , the application of acceptance of change of company name must be filled with ROC ( Registrar of Company) along with some fees.
- Allotment of new certificate: If the ROC is satisfied with the new name of the company then the Registrar will allot them a new certificate of incorporation. It is necessary to note that the company name change is announced to be complete with all the procedures of ROC.
- Make adjustments to MOA and AOA: Following the allotment of new incorporation certificate, steps must be taken to include the name in all the copies of memorandum of association and article of association and certificate of incorporation allotted by the registrar.