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Main objects of a Company

Vikas (Company Secretary) (51 Points)

07 April 2011  

Dear All,

Is there any restriction that a Company cannot have more than one main objects distinct to each other, such as Infrastucture and transporatation or say manufacturing steel and trading businees.


 9 Replies

Shridhi Jain (Company Secretary) (1678 Points)
Replied 07 April 2011

 

I think main business should be one only but you can carry more than one business realted to the main object of your co.

 

For eg. If you are carrying business of manufacturing steel then you can trade the same.

 

All things related to the main object can be your part of business and it increases your scope of activities....

(Provided it is there in the Object Clause of  MOA)

CS Ambrish (Comp-Secretary) (175 Points)
Replied 07 April 2011

u can make alterations and changes to the clauses accordingly and ...vide considering all the statutory compliances as required shud be fulfilled ... it ll be fine ...

Vikas (Company Secretary) (51 Points)
Replied 07 April 2011

Thanks to Shridhi and Ambrish for their contributions.

But my query is still unresolved, I just want to clarify that, is there any restriction provided anywhere in the Act or relevant rules, regulations, guidelines etc. that the main objects of the Company should be of similar nature or field.


Suppose, I have provided two objects in the MOA - 1) To carry on the business of complete logistics solution provider and bla bla 2) To undertake and carry on the business of infrastructure devlopement .......

Am I making any violation  and why cant a Company undertake two varied business.

Experts opinion solicited.

CS Ankur Srivastava (Company Secretary & Compliance Officer)   (17821 Points)
Replied 07 April 2011

Very much possible....
 

Syam kamal (Company Secretary) (156 Points)
Replied 07 April 2011

Yes.. Agreed with Ankur.... but in some cases we may face practical difficulty for example at the time of incorporation some ROCs will raise 'name issues' by including totally two unrelated business in the main objects.

CS Ankur Srivastava (Company Secretary & Compliance Officer)   (17821 Points)
Replied 07 April 2011

Yes agree, for that we have to use specified name such as Insustries or something like that and increase the capital as well as per that specified key word requirement.

Dhara Mistry (Associate Assistant) (28 Points)
Replied 24 December 2013

Hello,

We are in the business of Manufacturing raw material for Ink based Industry-which is our MAIN business-OBJECT,

We also have investments in mutual fund-Debt plans, can we include this business in our MAIN OBJECT also along with the present manufacturing business ,

Moreover it shall also help us to carry forward the LOSS form this activity.Plz explain the other benefits of including this activity in main object ...if any other than above

 

Meera Cyriac (6 Points)
Replied 20 November 2017

Please clear my doubt:

Our company has included a main object in the last AGM and it got approved by the ROC.

Main Object is as follows: "To develop the infrastructure for the aquaculture and seafood production and to deal in all whatsoever manner in the aquaculture and seafood production"

My doubt is; Whether the Company can revive their aquaculture farm and start export business of aquaculture and seafood production.

Does it contravene its MOA or Companies ACt,2013. Urgent reply please.

Meera Cyriac (6 Points)
Replied 20 November 2017

Please clear my doubt:

Our company has included a main object in the last AGM and it got approved by the ROC.

Main Object is as follows: "To develop the infrastructure for the aquaculture and seafood production and to deal in all whatsoever manner in the aquaculture and seafood production"

My doubt is; Whether the Company can revive their aquaculture farm and start export business of aquaculture and seafood production.

Does it contravene its MOA or Companies ACt,2013. Urgent reply please.


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