You can give the following best reason for change of name of the company:
THE DIRECTORS BEING RELIGIOUS MINDED, PROPOSE THIS NAME WITH RELIGIOUS SIGNIFICANCE IN MIND. THE DIRECTORS BELIEVE THAT THE NEW NAME WOULD HELP THE COMPANY TO BRING POSITIVE ENERGY THEREBY HELPING BUSINESS TO GROW FASTER.
Thanks for the reply, the case is that there are two companies both are sister concerns having same shareholders and directors and names of both the companies have common name component, so one company is facing problem in getting work orders or tenders due to similarity of name component with its sister concern, can this be a valid reason for getting approval.
I think, this should not a good reason for change of name. You should try to give reason which give a positive sign of change but you are giving justification for change of name. I will suggest you to try other reason for change of name.