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CHANGE OF COMPANY NAME
Changing the name of a company is far more complicated than you may think. Section 13 of the Companies Act, 2013 states that if a company needs to change its name, The selection of Company’s new name should be in accordance with the Guidelines of Ministry of Corporate Affairs and Trademark Registry. The Company will also need to involve the Board of directors and get the approval of shareholders before receiving the approval of the MCA. Although the whole procedure looks tedious, a stepwise approach can help in dealing with difficulties.
The following eforms need to be filed:
- The existing company needs to reserve the name through ‘RUN’.
- After the name is approved, eForm MGT-14 (necessary resolution for alteration of Memorandum of Association and Articles of Association (MOA and AOA) needs to be filed.
- eForm INC-24 (Application for approval of Central Government for change of name) needs to be filed to give effect to change of name.
The name of the company can be altered by a special resolution and with the approval of the Central Government in writing. Approval of the Central Government is not required , in case where the change in the name of the company relates to the addition/deletion of the word ‘Private’ to the name of the company consequent to the conversion of a company into a public company and vice versa. [Section 13 (2)]
When any change in the name of a company is made under section 13(2), the Registrar shall enter the new name in the register of companies in place of the old name and issue a fresh certificate of incorporation with the new name and such change in the name shall be complete and effective only on the issue of such a certificate [ Section 13(3)].
According to Rule 29 of Companies (Incorporation) Rules 2014 the change of name shall not be allowed to a company which has defaulted in filing its annual returns or financial statements or any document due for filing with the Registrar or which has defaulted in repayment of matured deposits or debentures or interest on deposits or debentures. An application shall be filed in Form No.INC.24 along with the fee for change in thename of the c