Other objects of private company
This query is : Resolved
CS Premjith
(Querist)
25 April 2013
Frdz,
What is the procedure for a private company to do the business mentioned in its OTHER objects clause?
Will just a board resolution serve the purpose?
What is the procedure for a private company to do the business mentioned in its OTHER objects clause?
Will just a board resolution serve the purpose?
Ajay Mishra
(Expert)
25 April 2013
Hi
Where an existing public limited company proposes to take up a new business, which is covered in the "other objects" of the Memorandum in the case of a company formed on or after 15-10-1965 or covered in the object clause of a company formed before 15-10-1965, the said business can be undertaken by the company only after the proposal is approved by the members by a special resolution.
However, section 149 does not apply to a private company.
You are free to change your objects by Board resolution.
Where an existing public limited company proposes to take up a new business, which is covered in the "other objects" of the Memorandum in the case of a company formed on or after 15-10-1965 or covered in the object clause of a company formed before 15-10-1965, the said business can be undertaken by the company only after the proposal is approved by the members by a special resolution.
However, section 149 does not apply to a private company.
You are free to change your objects by Board resolution.
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CS Premjith
(Querist)
26 April 2013
thanks for the confirmation Sir..
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