Procedure for Change Company Name in India

The name of the company can be changed for various reasons with the consent of all the members. The reason can be the change in the object of the company, management changes, conversion from public limited to private limited, etc.

There is an amendment for the company name which states that if a company fails to change its name as per the direction issued within three months from the date of issue of direction, then the letters ‘ORDNC’ (Order of Regional Director Not Complied) shall become the new name of the company.

Steps Involved in the Process of Changing Company Name

Step 1: Board Resolution is Passed

A board meeting is held for the passing of the Board Resolution for the change company name. The company must check the name availability with MCA.

Step 2: Name Availability Check

The company secretary must follow the process of how to check company name change in MCA regarding checking the name availability under reserve unique name (RUN) services and then reserve and approve the new name. The registrar shall approve the new name with confirmation regarding the available name.

Step 3: Special Resolution is Passed

The company must hold an Extra-Ordinary General Meeting. A special resolution is passed to change the name of company in the Memorandum and Articles of Association.

Step 4: Filing Form MGT-14 with the Registrar

Form MGT-14 is filed with the registrar within thirty days of passing the resolution. The documents required to change company name are given as follows:

• Copy of Special Resolution
• EGM Notice
• Explanatory Statement annexed to Notice
• Alteration in Memorandum
• Alteration in Articles of Association

Step 5: Filing Form INC-24 for taking Central Government Approval

The company is required to file Form INC-24 for taking approval from Central Government for a name change. There is a name change of company list of Listed Companies.

There is a complete list of name change of company BSE including the BSE Security code, old and new company name and date of the name change.

However, consent is not required for a change of name with respect to the addition or removal of the word ‘Private’ to or from the name. The SRN of MGT-14 is entered in Form INC-24.

The following are the required documents:

• Copy of Resolution with Member’s vote for and against it
• Copy of Order of Approval received from SEBI, IRDA, RBI, etc.
• EGM’s Notice
• Copy of the minutes of EGM
• Alteration in Memorandum
• Alteration in Articles of Association
• Optional attachments, if any

Step 6: Certificate of Incorporation is Issued

The registrar shall issue a Certificate of Incorporation after change company name consisting of the new name.

Step 7: Changes in the following documents

• Memorandum and Articles of Association
• Promissory notes and bills of exchange
• Company Bank Account Name
• Company PAN and TAN
• Letterheads of the company, business cards
• Statutory Registers of Company
• Tax authorities
• Business Licenses

Conclusion

The new name of the company must be approved by all the shareholders in the general meeting. The benefits of a name change are a boost in the company’s appeal to potential customers, renaming can be a shorter name of a former long name, etc. At Online XBRL you will get expert assistance with quick solutions for the process of the company name change.