Start a new business mentioned in other business

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Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2012 what is the procedure for start a new business which is under other business clause of MOA if we have a private company?
and also describe will sec.149 apply on private company?

Ajay Mishra

Ajay Mishra (Expert)
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07 December 2012 Hi

Section 149 of the Companies Act, 1956 is not apply to private limited company.

In case of public company:

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.
The said business will be considered as a new business, in the case of a company existing prior to 15-10-1965 only when the new business is not germane to the business, which the company was carrying on at that time.

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