Jayanti Dey (Practicing Company Secretary) (271 Points)
12 April 2011Our Public Limited Co. needs to add the following objects in the main objects of the company:
I need to know what should be procedure for the aforesaid matter and how should I explain it in the main objects?
Jayashree S Iyer
(Company Secretary)
(3224 Points)
Replied 12 April 2011
What is the main object being pursued by the company currently? If the new objects are related to the current objects being pursued, then the ROC may not have any objection. Again what's the name of the company. The name of the company should reflect the nature of acitivities carried on by the company. Ensure these things before proceeding to amend the object clause. Also ensure compliance of Section 17(1)(a) to (g) of the Companies Act, 1956,
The procedure would be as follows:
1) Call a Board Meeting and decide about the changes in the object clause of MOA. In the same meeting fix the date for EGM.
2) Hold the EGM and get the special resolution passed.
3) File form 23 with ROC attaching altered MOA.
4) ROC to confirm changes in the object clause.
5) After ROC confirmation, make changes in all copies of MOA.
Jayanti Dey
(Practicing Company Secretary)
(271 Points)
Replied 12 April 2011
The name of our company is Emerald Mineral Exim Limited. The main objects of our company are:
1. To carry on the business of importing and exporting, trading, producing, crushing, acquiring, buying, selling, treating, processing, developing, re-treating, storing, distributing, transporting and otherwise dealing in all kinds and classes of pig iron, sponge iron, ores, fines and metal scrap, ferro-alloys, cast iron and mineral substances like chromite, iron ore, fire clay, manganese, dolomite and limestone.
2. To carry on in India or elsewhere the business of prospecting, exploring, operating and working on mines, quarries and to win, set crush smelt, manufacture, process, excavate, break, acquire, develop, exercise, turn to account, survey, produce, prepare, remove, undertake, barter, convert, finish, load, unload, handle, transport, buy, sell, import, export, supply and to act as agent, broker, stockiest, distributors, consultants, importers, exporters, contractors, manager, operator, mine owner or otherwise to deal in all sorts of minerals, their concentrates, products, by-products, substances, derivatives including sands, stones clay, china clay, marbles, stones, granites, iron ore, fine ores, dolomites, coal, lime, bauxite ore, copper ore, rare earth ore, manganese ore, lead, zinc, tin, limestone, brass precious and other stones, and to do all incidental acts and things necessary for the attainment of the foregoing objects.
3. To carry on the business of import, export, traders, agents, stockiest, dealers, wholesalers, commission agents, handling, buying, selling, produce, manufacture, process, prepare, crush, refine, blend, filter, deorderise, disintegrate, clean mix, purify, commercialise, excavate, explore and extract all kinds of cooking oils, vegetable oils, crude oil, refined oil, hydrogenated oil, vegetable ghee, and its derivatives by products substances, solvent extraction and residues from all types of oil seeds like RBD palm oil, olive oil, coconut oil, sesame oil, ground nut oil, soya bean oil and their extracts, derivatives, husks and related products.
Jayashree S Iyer
(Company Secretary)
(3224 Points)
Replied 15 April 2011
The additional objects to be included now are related to the main objects and the name is also in consonance with the objects. So there should not be any issue in amending the object clause. Follow the procedure mentioned above to amend the object clause of MOA.
Jayanti Dey
(Practicing Company Secretary)
(271 Points)
Replied 16 April 2011
Thanks for your prompt reply. Can you please give me the explanation for the above three additional objects? How should I explain these three objects in the Main objects clause?
CAclubindia
