https://www.taxtmi.com/caselaws?id=98069 An alteration of a company's objects clause may be sanctioned where the proposed new business is not inconsistent with the existing business and can be conveniently and advantageously combined with it. The proposed manufacture of steel goods was held compatible with the company's sugar, oil and allied activities, but the objects clause was too wide because it included "brass founders, metal workers" and the vague term "etcetera." The court therefore approved the amendment only after deleting those expressions and imposing a reasonable safeguard requiring a separate profit and loss account for the new business for five successive years. en-us Mon, 30 Sep 1963 00:00:00 +0530 Thu, 19 Jan 2012 11:06:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98069 An alteration of a company's objects clause may be sanctioned where the proposed new business is not inconsistent with the existing business and can be conveniently and advantageously combined with it. The proposed manufacture of steel goods was held compatible with the company's sugar, oil and allied activities, but the objects clause was too wide because it included "brass founders, metal workers" and the vague term "etcetera." The court therefore approved the amendment only after deleting those expressions and imposing a reasonable safeguard requiring a separate profit and loss account for the new business for five successive years. Case-Laws Companies Law Mon, 30 Sep 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98069