Renaming a company is indeed an important decision that needs careful consideration. It allows a business to redefine its targets, identity, and various consumer base. In this article, we will provide you a quick and simplified overview of the procedure to follow for changing the name of a company using the MCA V3 portal. This process includes the filing of Form Reserve Unique Name (RUN), Form MGT 14, and Form INC 24.
Quick Look about change in the name of the company
According to section 13, sub-section (2) of Companies Act, 2013 an existing business can alter its name by passing a special resolution. First and foremost, the Board of Directors must conduct a board meeting to suggest a name change. In a fully convened Board meeting, the Board must pass a resolution for the name change. Following the adoption of a Board Resolution, the firm must provide its members with a clear 21-days’ notice of the Extraordinary General Meeting. Section 102 requires an explanatory statement to be attached to the notice of EGM. The special resolution is passed in the EGM after meeting the quorum threshold.
What do you mean by the Ministry of Corporate Affairs V3 Platform?
MCA V3 platform is a Ministry of Corporate Affairs (MCA) internet platform that offers a variety of services for businesses and LLPs. The MCA V3 Portal is a service that allows a company’s name to be changed.
On the MCA V3 Portal, changing a company’s name entails passing a resolution for the change of name in a duly convened Board meeting, giving its members clear 21 days’ notice for convening the Extraordinary General Meeting, and passing a special resolution for the change of name. The company must next file the relevant papers and paperwork, along with the mandated fees, on the MCA V3 Portal.
The MCA V3 Portal provides a user-friendly interface for reserving a new company name and completing the process of changing the company name. To summarize, the MCA V3 Portal makes it simple and easy for businesses to change their names by following the approved procedure and submitting the required forms and paperwork.
Procedure to be followed for changing the name of the company
The following actions must be taken to change the name of a corporation on the MCA V3 Portal:
- To approve a name change, the Board of Directors must hold a board meeting and pass a resolution for name change at a lawfully convened Board meeting.
- The corporation must provide its members with a clear 21-day notice before convening the Extraordinary General Meeting.
- For the name change, the corporation must approve a special resolution.
- Form RUN (Reserve Unique Name), Form MGT 14, and Form INC 24 must be filed on the MCA V3 Portal, along with the prescribed fees.
- The MCA V3 Portal includes an auto-check capability to detect flaws and information such as names that are identical or too closely resemble, trademarks registered with a similar or unattractive name, and so on.
- The company must give the relevant information for Form INC 24, which includes the company’s new name, the cause for the name change, and the dates of the Board meeting and the Extraordinary General Meeting.
What is RUN?
RUN (Reserve Unique Name) is an online form available on the MCA (Ministry of Corporate Affairs) portal that is used for reserving a unique name for a company. The RUN form is used for various purposes, including the name change of an existing company.
Home > MCA Services > Company e-Filing > Incorporation Services > RUN – Application for change of name of existing company.
Required information to file Form RUN
Various information required to file the form RUN:
- The proposed name of the company.
- The type of company.
- The main business activity of the company.
- The significance of the proposed name.
- CIN Number of the existing company.
- A fee of INR 1,000 will be charged, which can be paid by banking, UPI, or other means.
- A Board Resolution or Special Resolution is an optional attachment.
In the MCA v3 portal, we can check for errors and information such as names that are identical or too closely resemble, trademarks registered with a similar or unattractive name, and so on. If the site displays no errors, you can proceed.
Brief about MGT -14
MGT-14 is a form that must be filed with the Registrar of Companies (ROC) by a company in compliance with sections 94(1) and 117(1) of the Companies Act, 2013. The form is used to file specific resolutions with the ROC, which must be filed once the resolutions are passed at the company’s meeting of the Board/Shareholders/Creditors.
The goal of filing MGT-14 is to alert the ROC of the company’s Board of Directors, shareholders, or creditors’ choices. The form includes information such as the name of the company, the type of resolution, the date of the meeting, the resolution details, and the name of the person filing the form. The due date for filing MGT-14 is within 30 days of the passing of the resolution.
Path: Home > MCA Services > Company e-Filing > Compliance Services > MGT-14 – Resolutions and agreements u/s 117.
Necessary information regarding Form MST-14
Form MGT-14 requires the following information:
- The name of the firm, the kind of resolution.
- The date of the meeting, the resolution details, and the name of the person filing the form.
- Board resolutions, special resolutions, and ordinary resolutions are the three types of resolutions that can be filed.
- CIN You can search for a CIN number by entering the company name. It will retrieve information about the existing company.
- The subject matter of resolution.
- Service request number of form RUN.
- A copy of the resolution(s), as well as a copy of the explanatory statement under Section 102.
After filling out all the essential information in Form MGT-14, E-MOA, and E-AOA, you must download the documents in PDF format, which must be digitally signed by the following individuals:
- CEO/CFO/Director/Manager/Company Secretary.
- Professional Chartered Accountant (in full-time practice) or Cost Accountant (in full-time practice) or Company Secretary (in full-time practice) certificate.
Then, after paying the statutory fees, submitting the form, and receiving clearance from the Registrar, we need to file the form INC 24 for “Change in the Name of an Existing Company.
Brief about INC 24
INC 24 is an electronic form used to obtain Central Government clearance for a company’s name change. The form must be filed in accordance with Section 13(2) of the Companies Act, 2013, and Rule 29(2) of the Companies (Incorporation) Rules of 2014.
The form is used to obtain Central Government approval for a company’s name change, and it contains information such as the company’s name, the reason for the name change, the date of the Board meeting and the Extraordinary General Meeting, and the name of the person filing the form.
Home > MCA Services > Company e-Filing > Approval Services (Registrar of Companies) > INC-24 – Application for change of name.
Important information required for Form INC-24
The information required for Form INC-24 includes:
- The new name of the company.
- The reason for the change of name.
- The date of the Board meeting and the Extraordinary General Meeting.
- The details of the person filing the form.
- Corporate Identification Number.
- Service Request Number of RUN.
- The number of members present at the meeting and the number of shares they own.
- The number of members who voted in favour of the name change and the number of shares they own.
- The number of members that voted against the name change and the number of shares they owned.
- Details on members who did not vote and the number of shares they owned.
The Director/Manager/Company Secretary/CEO/CFO, etc. must sign this form.
Following approval, the Registrar shall put the new name in the register of companies in place of the old name and issue a new certificate of incorporation (COI) in Form INC-25 with the new name, and the change will be effective only with the issuance of the new certificate.
Important points to keep in mind while using the MCA V3 Portal
Some practical considerations points to keep in mind while using for the MCA V3 web portal includes:
- On the MCA portal1, separate access is given for LLP (V3) and Companies (V2).
- The MCA V3 portal provides user convenience, such as the ability to store a partially completed form and file it later.
- LLPs can use the MCA V3 portal for Login & User Registration, DSC Membership, and LLP Form Submission.
- The MCA V3 site has an auto-check feature that checks for errors and information such as names that are identical or too closely resembles, trademarks registered with a similar or unattractive name, and so on.
- If the portal displays a technical problem, it could be due to too many characters in “Objects considered necessary in furtherance of the main objects.” We can lower the number of characters and attach the modified MOA and AOA as optional attachments.
- While filling out the E-MOA (Form INC 33), A first subscriber sheet must also be included in the form.
- The corporation cannot change its name until it has – filed its Annual Returns, – paid or repaid its matured deposits or debentures, or – paid or repaid the interest thereon.
Conclusion
Through the above-mentioned information, we can say that changing a company’s name is a significant decision that requires careful process. The change should be explained positively such as addressing product changes and clients and customers. Before making a choice, it’s critical to examine the pros and cons of altering a company’s name. However, the MCA V3 Portal made a simpler and more flexible process for changing the name of a company. For instance, stakeholders changing a company’s name has become easier and more effective because of the MCA v3 platform.
The MCA v3 portal provides a simplified and convenient process for changing the name of a company. For stakeholders, changing a company’s name has become easier and more effective thanks to the MCA v3 platform.
