Change in Name Clause
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The company's name, being its enduring identity, requires careful consideration, and it should be crafted in a manner that aligns with the company's future growth. The Companies Act governs the entire process of naming a company, from the initial selection to any subsequent changes made.
Certain do's and don'ts while selecting the along with the procedure to change the name is briefly elaborated in this article.
The Companies Act of 2013 outlines the criteria for naming companies, whether they are Private Limited, OPC, or Public Limited. The following conditions must be considered when choosing a name for the company:
The name selected for the Company shall align with the objects of the Company.
If the Company is incorporated to engage in the business of providing financial services such as chit fund, financing, leasing, etc. shall indicate such activities in its name.
The name must not incorporate terms indicating a specific constitution or legal entity, such as LLP, Trust, HUF, etc.
The concluding words for a Private Company should be "Private Limited," for a One Person Company (OPC), it should be "OPC Private Limited," and for a Public Company, it should end with the term "Limited."
The directors of the company shall deliberate on the proposed name. A notice of 7 days is issued to convene a board meeting, during which the necessary resolution for the approval of the name change is passed. The following resolutions are adopted in the board meeting:
The company should verify the availability of the name through MCA. This can be done by checking whether the same name is registered as a trademark or as a company, using the "Public Search of Trademark" and "Check Company Name" options in the drop-down menu.
Following the confirmation of name availability, it can be submitted via the new web service RUN. Up to two names can be proposed through this form, accompanied by the prescribed fee of INR 1000. If the company is changing its name, a board resolution authorizing the change should be attached to this form. Following a meticulous review of the application, the ROC either approves the name or requests resubmission. The name sanctioned by the ROC retains its validity for 20 days from the date of approval.
Upon receiving approval from the ROC and obtaining the name approval letter, the company is required to convene an Extraordinary General Meeting (EGM). During this meeting, a necessary Special Resolution must be passed to endorse the name change and enact amendments to the Memorandum of Association (MOA) and Articles of Association (AOA).
Within 30 days of conducting EGM file the special resolution with ROC in form MGT-14 (the form is available on the official website of MCA and can be downloaded as a zip file) along with the following documents annexed with the form:
The company is obligated to seek approval from the Central Government for the name change and MOA alteration by submitting Form INC-24. A copy of the minutes from the EGM, where the Special Resolution was passed, must be appended to this form.
Upon the successful completion of the name change process, the ROC will issue a new Certificate of Incorporation (COI) reflecting the amended name. The updated name becomes effective from the date of the issuance of the new COI.
Rule 29 of Companies Rules 2014 specifically prohibits the following companies from changing the name:
Changing of existing name doesn't have any impact on the legal identity of the Company. Changing the name is not creating a new entity. The changed name doesn't:
Name approved by ROC remain valid for 20 days within which the special resolution shall be passed, and filed else approval letter becomes void.
The Company usually undergoes changing its name for following general reasons:
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