19 March 2008
Mine is the listed co. on the BSE and i like to the know the procedure for Change in the Object Clause and the its compliace? Sir we arange a postal ballot, so is it necessary to take a approval of postal ballot from the ROC. or we directly send to shareholders, and suppose we not took the approval and complete the procedure then what is the consequences
22 March 2008
object clause is the most important clause of a company and certain limits are prescribed with respect to amendment of the same .Procedure regarding the alteration of object clause is contained under section 17 and 18 of companies act 1956,A special resolution has to be passed u/s 17(1)and the same has to be regestered with registrar within 1 month of passing thethe aforesaid resolution u/s 18(1)(a) it must be noted that the object clause can be altered if it is with respect to any of the the following (a) to carry on its business more economically or more efficiently; or (b) to attain its main purpose by new or improved means; or (c) to enlarge or change the local area of its operations; or (d) to carry on some business which under existing circumstances may conveniently or advantageously be combined with the business of the company; or (e) to restrict or abandon any of the objects specified in the memorandum; or (f) to sell or dispose of the whole or any part of the undertaking or of any of the undertakings, of the company; or (g) to amalgamate with any other company or body of persons.
please refer the same with any other expert to........
CAclubindia
