1. Main Objectives:
The main objectives of “MSD, My Self Drive” (“the Company”) are:
a. To operate an online marketplace facilitating the rental of personal and transport vehicles by bringing together vehicle owners and renters within India.
b. To provide a user-friendly platform where individuals and companies can advertise or list their cars and bikes for short-term rent, thereby enabling efficient vehicle utilization.
2. Subsidiary Objects:
In furtherance of its main objectives, the Company may engage in the following subsidiary activities:
a. Facilitating vehicle search functionality for renters to browse and book from a diverse range of listed adverts.
b. Implementing a commission-based revenue model, wherein the Company charges a small commission on every successful transaction conducted through the platform.
c. Enforcing strict guidelines for vehicle owners to maintain their vehicles in good condition and ensure all necessary documentation, including registration certificates and insurance, are up to date.
d. Providing renters with access to a secure payment gateway integrated into the platform, offering various payment methods for convenience.
3. Restrictions:
The Company shall operate exclusively within the geographical boundaries of India and shall restrict its business activities to the rental of cars and bikes as listed on the platform.
4. Powers:
The Company shall have the power to:
a. Enter into agreements with vehicle owners and renters for the facilitation of rental transactions.
b. Develop and maintain the online platform, including implementing necessary technological upgrades and security measures.
c. Determine the percentage commission to be charged on each transaction, subject to periodic review and approval by the management.
d. Establish and enforce terms of service, including guidelines for vehicle maintenance, documentation requirements, and user conduct.
5. Amendments:
Any amendment to this Object Clause shall require approval by [insert appropriate governing body, e.g., the Board of Directors or shareholders] in accordance with the applicable laws and regulations governing the Company.
6. Ultra Vires Provision:
Any act or activity undertaken by the Company beyond the scope of its stated objectives shall be deemed ultra vires and shall be void and unenforceable.
7. General Object:
The Company shall have the power to engage in any lawful business activity not expressly prohibited by law, provided such activities are ancillary or incidental to the main objectives outlined herein.