change the company's name NBFC

This query is : Resolved

sanjay (Querist)
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20 September 2010 Sir
We are a NBFC Co regulated by RBI. We are not carrying out the activities of NBFC. Now we are in the business of investment in Real Estate. We want to change the co's name. Kindly advise me. If possible kindly send the draft of sepecimen board resolution to be passed.
thanks
regards
sanjay

sanjay

sanjay (Querist)
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08 October 2010 Hello All experts

I have already send the querry but unfortunately I have not recieved any reply till date. Kindly send the reply of if NBFC Co wants to change its name then what will be the procedure the co should follow. Also send the resolution and other formalities to be done.
Thanks in advance
regards
sanjay

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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19 July 2024 Changing the name of your NBFC (Non-Banking Financial Company) regulated by RBI involves a formal process and compliance with regulatory requirements. Here’s a step-by-step guide along with a specimen board resolution for your reference:

### Procedure to Change NBFC Company Name

1. **Board Resolution:**
- Hold a Board Meeting and pass a resolution proposing the change of company name from the current name to the new proposed name. The resolution should outline the reasons for the name change and authorize a director or company secretary to undertake necessary actions to effect the change.

Here is a specimen board resolution format:

```
SPECIMEN BOARD RESOLUTION FOR CHANGE OF COMPANY NAME

"RESOLVED THAT pursuant to the provisions of the Companies Act, 2013, and other applicable laws, including the regulations of the Reserve Bank of India (RBI), the name of the Company be changed from [Current Name] to [Proposed New Name] with immediate effect.

FURTHER RESOLVED THAT [Name of Director/Company Secretary], [Designation], be and is hereby authorized to make an application to the Registrar of Companies (ROC) for approval of the new name of the Company, to file all necessary documents, forms, and declarations required for effecting the change of name, and to do all such acts, deeds, matters, and things as may be necessary, proper, or expedient to give effect to this resolution."

Certified true copy

[Signature of Director/Company Secretary]
[Name of Director/Company Secretary]
[Designation]
```

2. **Approval from RBI:**
- As an NBFC regulated by RBI, you need to obtain prior approval for the name change from RBI. Prepare an application to RBI along with the resolution passed by the Board.

3. **Filing with ROC:**
- Once you receive RBI approval, file Form INC-24 with the Registrar of Companies (ROC) within 60 days of passing the board resolution. Form INC-24 is used for change of name of a company and requires payment of requisite fees.

4. **Publication in Newspapers:**
- Publish advertisements in at least one English newspaper and one vernacular newspaper circulating in the district where the registered office of the company is situated, informing about the change of name.

5. **Issuance of New Certificate:**
- Upon approval from ROC, a new Certificate of Incorporation reflecting the new company name will be issued. Ensure to update all business documents, including PAN, GST, and other registrations, with the new name.

### Important Considerations:

- **Compliance:** Ensure compliance with all regulatory requirements of RBI and Companies Act, 2013, throughout the process.

- **Legal Advice:** Seek legal advice to ensure all procedures are correctly followed and to handle any specific requirements related to NBFCs.

- **Business Impact:** Consider the potential impact of the name change on stakeholders, customers, and business operations.

By following these steps and using the specimen board resolution provided, you can effectively change the name of your NBFC to align with your current business activities in real estate.

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