Companies Act 2013
Roll No. – 53
Room No. – 22
Department – BBA
Subject – Business Regulatory Framework
Topic – Companies Act 2013
Introduction
Companies Act, 2013 is an Act of the Parliament of India which regulates incorporation of a company, responsibilities of a company, directors, and dissolution of a company. The 2013 Act is divided into 29 chapters containing 470 clauses as against 658 Sections in the Companies Act, 1956. 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 only certain provisions of the Act notified. It consists of 29 Chapters , 470 Clauses (i.e Sections) and 7 Schedules.
Background
Companies Act, 2013 (2013 Act) has been assented by the President of India on 29 August 2013 and published in Official Gazette on 30 August 2013. 2013 Act empowers the Central Government to bring into force various sections from such date(s) as may be notified in the Official Gazette.
The 2013 Act stipulates enhanced self-regulations coupled with emphasis on corporate democracy and provides for amongst others, business friendly corporate regulation / pro-business initiatives, e-governance initiatives, good corporate governance, Corporate Social Responsibility (CSR), enhanced disclosure norms, enhanced accountability of management, stricter enforcement, audit accountability, protection for minority shareholders, investor protection and activism and better framework for insolvency regulation and institutional structure.
Ministry of Corporate Affairs (MCA), Government of India (GOI) has initiated the process to implement 2013 Act in consultation with concerned regulatory authorities, Ministry of Law & Justice and other stakeholders. In this regard, first set of draft rules have been placed for public comments on 9 September 2013. GOI decided to enforce the provisions of 2013 Act in phases. The provisions of the
Room No. – 22
Department – BBA
Subject – Business Regulatory Framework
Topic – Companies Act 2013
Introduction
Companies Act, 2013 is an Act of the Parliament of India which regulates incorporation of a company, responsibilities of a company, directors, and dissolution of a company. The 2013 Act is divided into 29 chapters containing 470 clauses as against 658 Sections in the Companies Act, 1956. 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 only certain provisions of the Act notified. It consists of 29 Chapters , 470 Clauses (i.e Sections) and 7 Schedules.
Background
Companies Act, 2013 (2013 Act) has been assented by the President of India on 29 August 2013 and published in Official Gazette on 30 August 2013. 2013 Act empowers the Central Government to bring into force various sections from such date(s) as may be notified in the Official Gazette.
The 2013 Act stipulates enhanced self-regulations coupled with emphasis on corporate democracy and provides for amongst others, business friendly corporate regulation / pro-business initiatives, e-governance initiatives, good corporate governance, Corporate Social Responsibility (CSR), enhanced disclosure norms, enhanced accountability of management, stricter enforcement, audit accountability, protection for minority shareholders, investor protection and activism and better framework for insolvency regulation and institutional structure.
Ministry of Corporate Affairs (MCA), Government of India (GOI) has initiated the process to implement 2013 Act in consultation with concerned regulatory authorities, Ministry of Law & Justice and other stakeholders. In this regard, first set of draft rules have been placed for public comments on 9 September 2013. GOI decided to enforce the provisions of 2013 Act in phases. The provisions of the