Quick Summary
The Ministry of Corporate Affairs has announced that the provisions relating to Rectification of name of Company as per the Companies (Amendment) Act, 2020 and insertion of Rule 33A in Companies (Incorporation) Rules, 2014, will come into effect from 1st September 2021 onwards. In this regard, ICAI has issued an announcement analysing the two provisions. Read the official announcement below: Corporate Laws Corporate Governance Committee The Institute of Chartered Accountants of India 23rd
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FAQ :
The new provisions relating to the rectification of company names come into effect from 1st September 2021.
These new provisions are introduced by the Companies (Amendment) Act, 2020, and the insertion of Rule 33A in the Companies (Incorporation) Rules, 2014.
If a company fails to change its name within three months of a direction, the Central Government will allot a new name. This new name will be formed using 'ORDNC' (Order of Regional Director Not Complied), the year of the direction, a serial number, and the company's existing Corporate Identity Number (CIN).
Rule 33A prescribes the procedure for the allotment of a new name to an existing company when it fails to comply with a direction to change its name.
A company must change its name within three months from the date of the direction issued by the Central Government.
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