Change Objective/Activity

Process to change the objective of the company

• 1

  Issue Notice of Board Meeting: (As per section 173 and SS-1)

  • Send a Notice of Board Meeting to all company directors at least seven days prior to the meeting's date.
  • Include an agenda.
  • Agenda Notes.
  • Proposed Resolution.

• 2

  Convene the Meeting of Board of Directors:

  • Proposed new company objectives.
  • Adopt a Board Resolution following the selection of an object.
  • Obtain approval for a revision to the objects clause and to recommend the proposal to members by special resolution.
  • Establishing the date, time, and location of the annual general meeting and enabling a director or another person to send notice to members.

• 3

  Issue Notice of General Meeting: (Section 101)

  A notice of the EGM must be given at least 21 days prior to the EGM's actual date. A shorter notice EGM may be held with the permission of at least a majority in number and ninety-five percent of the company's paid-up share capital entitled to vote at such a meeting:

  • Each Director
  • Members
  • Company's auditors

  The notice shall indicate the meeting's location, date, day, and time, as well as a summary of the matter to be conducted at the EGM.

• 4

  Convene a general meeting: (Section 101)

  • Ascertain the quorum.
  • In the absence of an auditor, verify that he or she is present. After that, the leave of absence is granted or denied. (As specified in Section 146).
  • Adopt a Special Resolution.
  • Approval of a Modification to the Memorandum of Association.

• 5

  File and pay fees:

  Within 30 days of enacting the special resolution, file FORM NO. MGT-14 (Filing of Resolutions and Agreements with the Registrar under Section 117) with the Registrar, along with the appropriate filing and the following documents:

  • Certified True Copies of Special Resolutions, together with an explanation;
  • Members receive a copy of the notice of meeting, as well as all annexes;
  • A printed copy of the Altered Memorandum of Association (MOA);
  • A copy of the General Meeting's attendance sheet;
  • Consent with a shorter notice period, if applicable.

• 6

  Continuation:

  • The Registrar shall then register the alteration and issue a certificate certifying that the company has complied with all applicable requirements.
  • The modification shall be complete and effective only upon the ROC's issuance of a certificate.
  • Make the change to each copy of the memorandum.