Companies Act 2013

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Companies Act 2013
Companies Act 2013
An Act to consolidate and amend the law relating to companies.
CitationAct No. 18 of 2013
Territorial extentIndia India
Enacted byParliament of India
Date assented to29 August 2014
Date signed29 August 2013
Date commenced12 September 2013 (98 sections)
1 April 2014 (184 sections)
Legislative history
BillThe Companies Bill, 2012
Bill citationBill No. 121-C of 2011
Repealing legislation
The Companies Act 1956
Status: In force

The Companies Act 2013 is an Act of the Parliament of India on Indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. The 2013 Act is divided into 29 chapters containing 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules.[1] The Act has replaced The Companies Act, 1956 (in a partial manner) after receiving the assent of the President of India on 29 August 2013. The Act came into force on 12 September 2013 with few changes like earlier private companies maximum number of members were 50 and now it will be 200. A new term of "one-person company" is included in this act that will be a private company and with only 98 provisions of the Act notified.[2][3] A total of another 184 sections came into force from 1 April 2014.[4]

The Ministry of Corporate Affairs thereafter published a notification for exempting private companies from the ambit of various sections under the Companies Act.[5]

History[edit]

Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, sets out the responsibilities of companies, their directors and secretaries and also provides for the procedures for its winding.[6]

New concepts[edit]

Authorities established[edit]

National Financial Reporting Authority (NFRA) is established on March, 2018as an oversight body to investigate matters of professional misconduct by chartered accountants or CA firms .[9]

See also[edit]

Notes[edit]

  1. ^ Prasad, Suresh. "Complete list of Sections of Companies Act, 2013". AUBSP. Archived from the original on 9 August 2016. Retrieved 7 August 2016.
  2. ^ "Commencement Notification Of Companies Act 2013" (PDF). Ministry of Corporate Affairs, India. Archived (PDF) from the original on 11 January 2014. Retrieved 11 January 2014.
  3. ^ Varma, Sindhu. "India: New Companies Act, 2013 – The Cat Is Finally Out". Mondaq. Archived from the original on 28 March 2014. Retrieved 27 March 2014.
  4. ^ "MCA notifies 183 sections of Companies Act 2013". Business Standards. 26 March 2014. Archived from the original on 27 March 2014. Retrieved 27 March 2014.
  5. ^ "Archived copy". Archived from the original on 13 February 2015. Retrieved 13 February 2015.
  6. ^ "Business Portal of India : Starting a Business : Regulatory Requirements : Companies Act". National Portal of India. Government of India. Archived from the original on 20 June 2008.
  7. ^ "Archived copy" (PDF). Archived (PDF) from the original on 13 February 2015. Retrieved 13 February 2015.
  8. ^ Prasad, Suresh. "Section 135 - Corporate Social Responsibility Committee". AUBSP. Archived from the original on 27 March 2016. Retrieved 4 September 2015.
  9. ^ "Cabinet To Notify Audit Regulator NFRA, Approves Draft Rules", Bloomberg Quint, 1 March 2018, archived from the original on 2 March 2018

External links[edit]