Process to change the objective of the company
- STEP I - First Step: Call a Meeting of the Board of Directors: (As per section 173 and SS-1)
- Send a Notice of Board Meeting to all company directors at least seven days before the scheduled date of the meeting.
- Include a schedule agenda
- Agenda Notes
- Draft Resolution
- STEP II- Call the Board of Directors Meeting:
- New company objectives proposed
- Following the selection of an object, adopt a Board Resolution.
- Obtain permission for a change to the purposes clause and present the idea to members by special resolution.
- Determining the date, time, and venue of the annual general meeting and authorising a director or another individual to notify members.
- Step III: Release of Notice of General Meeting: (Section 101)
Notification of the EGM must be made at least 21 days in advance of the meeting date. A shorter notice EGM may be called with the approval of a majority in number and 95% of the company's paid-up share capital eligible to vote at such a meeting:
- Every Director
- Members
- Company's auditors
The notification must include the venue, date, and time of the meeting, as well as a synopsis of the business to be handled at the EGM.
- STEP-IV-Hold a general meeting (Section 101)
- Determine the quorum.
- In the absence of an auditor, confirm his or her presence. The leave of absence is then either granted or rejected. (As stipulated by Section 146.)
- Adopt a Special Resolution.
- Approval of a Change to the Articles of Association.
- STEP-V: File and pay filing fees:
Within 30 days after the enactment of the special resolution, file with the Registrar FORM NO. MGT-14 (Filing of Resolutions and Agreements with the Registrar under Section 117), the relevant filing, and the necessary documents:
ATTACHMENTS:
- Certified True Copies of Special Resolutions, together with a description;
- Members get a copy of the meeting notice and any appendices;
- A hard copy of the revised Articles of Association (MOA).
- A copy of the attendance sheet for the General Meeting.
- If relevant, consent with a shorter notice time.
- The Registrar must then record the change and give a certificate attesting that the business has met all applicable criteria.
- The alteration will not be final and effective until the ROC issues a certificate.
- Make the modification to each copy of the memo.
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