CHANGE IN OBJECT CLAUSE
An objects clause is a provision in a company's constitution stating the purpose and range of activities for which the company is carried on. An objects clause is a provision in a company's constitution stating the purpose and range of activities for which the company is carried on.
A company, which has raised money from public through prospectus and still has any unutilised amount out of the money so raised, shall not change its objects for which it raised the money through prospectus unless a special resolution is passed by the company and
(i) the details, in respect of such resolution shall also be published in the newspapers (one in English and one in vernacular language) which is in circulation at the place where the registered office of the company is situated and shall also be placed on the website of the company, if any, indicating therein the justification for such change;
(ii) the dissenting shareholders shall be given an opportunity to exit by the promoters and shareholders having control in accordance with regulations to be specified by the Securities and Exchange Board.The Registrar shall register any alteration of the memorandum with respect to the objects of the company and certify the registration within a period of thirty days from the date of filing of the special resolution.No alteration made under this section shall have any effect until it has been registered in accordance with the provisions of this section.
PROCEDURE FOR CHANGE OF OBJECT CLUASE
Documents required for change of object
(a) Certified True Copies of the Special Resolutions along with explanatory statement
(b) Copy of the Notice of meeting send to members along with all the annexure
(c) A certified copy of the Article of Associations stating the new objects
(d) Shorter Notice Consent, if any