Change in name of company in Surat

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Change in Name of Company

Change in Company Name: Process, Requirements, and Restrictions

What is a Change in Company Name?

A company exists as an independent legal entity which maintains separation from its ownership group. A corporate entity’s designation carries substantial weight because it embodies its business realm persona.

Several factors necessitate a name change, including:

The company's promoters, directors, or members execute an intentional choice to initiate actions.

Also called Nominal or Registered Share Capital.

This is the maximum capital a company can raise, as specified in its Memorandum of Association (MoA).

The company can increase this limit by following legal procedures.

The transformation process of corporate classification status between private and public entities.

The portion of authorized capital that the company has offered for subscription to investors.

This amount can be equal to or less than the authorized capital but never more.

What Happens When You Don't File the Forms on Time?

A company functions within legal boundaries which mandates it to adhere to specific procedures outlined in the Companies Act for name changes. This is a major event as it leads to updates in multiple areas, such as:

A new PAN card

GST registration updates

Modifications in licenses and certifications

Thus, attention must be given to both the name change process and the post-approval updates.

What is CHG-1 Form?

Form CHG-1 is an official application for registering the creation or modification of a charge (excluding debentures). This form is very mandatory when a company secures a loan by pledging its assets.

Transformation Sequence for Corporate Name Modification

When submitting Form CHG-1, the following details must be provided:

1. Directors' Board Meeting Session

An obligatory Board Meeting must be convened by the company to obtain directors’ approval. An official directive requires passage to empower a director to:

Apply for a name change with the Registrar of Companies (ROC)

Sign and submit all necessary forms

2. Filing Form RUN with ROC

Form RUN (Reserve Unique Name) is filed with the Registrar of Companies (ROC) to check for name availability.
The ROC verifies whether the proposed name follows the naming guidelines issued by the Ministry of Corporate Affairs (MCA).
If the name is approved, the process moves forward. If rejected, the company may be given another chance to propose a new name.

3. General Meeting for Member Approval

After receiving name approval, the company must hold a General Meeting to get consent from its members.
A Special Resolution must be passed, confirming the members’ approval for the name change.

4. Filing Form MGT-14

Form MGT-14 is filed with the ROC to notify them about the Special Resolution passed in the General Meeting.
This step is necessary to legally document the company’s decision.

5. Filing Form INC-24 for Government Approval

Within 30 days of passing the special resolution, the company must file Form INC-24 with the Central Government to obtain approval for the name change.
Once approved, the ROC will issue a fresh Certificate of Incorporation reflecting the new name.

Why Change Share Capital?

Post-Approval Requirements: What to Do After the Name Change?

Once the new name is approved and updated in official records, the company must:

Print new share certificates with the updated name
Update the company’s common seal
Modify PAN and TAN details
Update bank account records
Revise GST registration details
Change the signboard at the company’s registered office
Update official stationery (letterheads, invoices, business cards, etc.)
Revise all legal certificates and licenses
Inform suppliers, customers, and stakeholders about the name change

Which Companies Cannot Apply for a Name Change?

A company cannot change its name if:

It has not filed annual returns or financial statements that were due for filing with the ROC.

It has failed to pay or repay matured deposits, debentures, or interest on these financial obligations.

For a successful name change, all statutory compliances and financial obligations must be cleared beforehand.

Government Fees for Filing CHG-1

The government fee for CHG-1 filing depends on the company’s authorized share capital. The fee structure is outlined under the Companies (Registration of Offices and Fees) Rules, 2014.

For the latest fee details, visit the Ministry of Corporate Affairs (MCA) website: http://MCA.GOV.IN

Get answers to all your queries

When to change the name of the company compulsorily?

On conversion of a company from private to public and vice versa, it is mandatory to change the name.

What is form INC-24?

Form INC 24 is an application for approval of the Central Government for a change of name.

What is the time limit to file form MGT-14?

MGT-14 needs to be filed within 30 days of passing a special resolution.

What are the attachments of form INC-24?

1) Notice along with Explanatory Statements.

2) Certified True Copy of Special Resolution.

3) Altered in MOA & AOA. 4) Minutes of the General Meeting.

What is MGT-14?

MGT 14 is the form to intimate the ROC about any special resolution filed by company.

What are the attachments of form MGT-14?

1) Certified True Copies of the Special Resolutions along with explanatory statement.

2) A copy of the Notice of meeting sent to members along with all the annexures;

3) A printed copy of the Memorandum Article of Associations.

4) A copy of the Attendance Sheet for the General Meeting.

5) Shorter Notice Consent, if any.

What is the time limit to file form INC-24?

INC-24 needs to be filed within 30 days of passing special resolution.