Companies Act 2013 - Company Law CS Executive

Companies Act, 2013 – a summary

The Companies Act 2013 consists of 470 Sections dividends in 29 Chapters and seven Schedules. The Bill for the new companies act was considered and approved by the Lok Sabha on December 18, 2012, because the Companies Bill, 2012 and therefore the same was considered and approved by the Rajya Sabha on August 08, 2013. It received the president's assent on August 29, 2013, and has become the businesses Act, 2013. Section 1 of the Act became effective on an equivalent date.

The Act is envisaged with the provisions of coming into force during a phased manner. Following that different provisions were notified and came into the existence of various dates. after Section 1, 98 Sections notified on September 12, 2013, then Section 135 concerning CSR alone came into existence on February 27, 2014. Further, in the same manner, the opposite sections also came into force.

Several new concepts pitching in extended the scope of the Act ruled out the loopholes persisted within the old companies act and had made itself at par with the opposite regulatory laws like tax Act, SEBI Regulations, etc.

The term Company Law in simple words mean legislation concerning Companies. the event of Company Law in India is sort of historic. Considering the relevancy of the study we will curtail it to the old Act, i.e., Companies Act 1956 and current or new Act – Companies Act 2013. Though years have passed, the amount of amendment made to the 2013 Act envisages us to call it the new Act.

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