Try changing your CompanyName field to:
"CompanyNameId": {
"__metadata": {
"type": "Collection(Edm.Int32)"
},
"results": [ 2 ] // Array of the IDs of your selected items
}
Since per your comment your data format is set, why not just transform it before sending your update?
var data = {"Address":"","CompanyName":[{"ID":2,"Title":"InfoEngg"}],"Email":"[email protected]","Title":"Kapil","Mobileno":"9898989898","Password":"Sp@12345","EmpRole":"Level 1"};
var updateData = {
Address: data.Address,
CompanyNameId: {
"__metadata": {
"type": "Collection(Edm.Int32)"
},
"results": $.map(data.CompanyName, function(c) { return c.ID; })
},
Email: data.Email,
Title: data.Title,
Mobileno: data.Mobileno,
Password: data.Password,
EmpRole: data.EmpRole
};