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If a company is instructed to change its name which resembles the name of an existing company then the company can change the name by
- a)Passing a special resolution
- b)obtaining permission from central government
- c)Passing an ordinary resolution
- d)Both a & b
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
If a company is instructed to change its name which resembles the name...
To change the name of a company that resembles the name of an existing company, the company can follow the following steps:
1. Passing an ordinary resolution:
The company can change its name by passing an ordinary resolution in a general meeting. This resolution should be approved by the shareholders of the company.
2. Obtaining permission from the central government:
In some cases, especially if the existing company has a similar name and there is a possibility of confusion among the public, the company may be required to obtain permission from the central government. This permission is usually granted by the Ministry of Corporate Affairs or the relevant regulatory authority.
3. Drafting and filing the necessary documents:
Once the resolution or permission has been obtained, the company needs to draft the necessary documents, including a new Memorandum of Association and Articles of Association, reflecting the change of name. These documents need to be filed with the Registrar of Companies.
4. Updating official records and documents:
After the change of name has been approved and the new documents have been filed, the company needs to update its official records and documents, including its bank accounts, legal contracts, licenses, and permits, to reflect the new name.
5. Informing stakeholders and the public:
It is important for the company to inform its stakeholders, such as employees, customers, suppliers, and investors, about the change of name. This can be done through official announcements, website updates, and other communication channels.
By following these steps, the company can successfully change its name without infringing on the rights of the existing company and ensuring clarity and transparency for its stakeholders.
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If a company is instructed to change its name which resembles the name of an existing company then the company can change the name bya)Passing a special resolutionb)obtaining permission from central governmentc)Passing an ordinary resolutiond)Both a & bCorrect answer is option 'C'. Can you explain this answer?
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