Alteration of Objects clause
One of the effects of implementation of new Companies Act, 2013 is that the Companies can carry on business activities which are mentioned in its Main Objects clause of Memorandum of Association. In the earlier Act, the Companies which have diversified in other activities used to pass resolution in the Board of Directors meeting or in the General Meeting whereby the activities mentioned in other Objects i.e. at Clause III-C were invoked. The Private Companies used to pass the resolution and keep record in Minutes Book whereas the Limited Companies used to pass Special Resolution and file the declaration as required under the provisions of Section 149(2A) of the Companies Act, 1956 with the office of Registrar of Companies and carry on such activities. Now, with effect from Ist April 2014 all such Companies who were/are carrying of activities other than principal business activities as mentioned in the Other objects are required to alter the main objects and include such activities therein otherwise such business activity shall be treated as ultra virus. Consequently, owing to multiple business activities, the Companies may also be required to change its name.
CIN to be mentioned in letter heads, invoices etc:
Section 12(3) (c) of new Act provides that every company shall get its name, address of its registered office and the Corporate Identity Number along with telephone number, fax number, if any, e-mail and website addresses, if any, printed in all its business letters, billheads, letter papers and in all its notices and other official publications.
Register of members
As per section 88 of the Act, register of members is to be kept in new format. Now companies have to mention the Pan Number, email ID and other particulars besides particulars of share capital or debenture. The Companies required to update the same within a period of six months from 1-4-2014.
Acceptance of unsecured loan by Private Limited Companies