Companies Act 2013 | Introduction, New Concepts Introduced
The Companies Act 2013 is an Act of the Parliament of India 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. 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 member was 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. A total of another 184 sections came into force from 1 April 2014.
The Ministry of Company Affairs thereafter published a notification for exempting private companies from the ambit of various sections under the Companies Act.
New Concepts are introduced under the Companies Act 2013:-
- One Person Companies
- Women Directors
- Corporate Social Responsibility
- Registered Valuers
- Rotation of Auditors
- Class Action
- Dormant Company
- Fast Track Mergers
- Serious Fraud Investigation Office
For more about Companies Act 2013, Your can download MCA (Ministry of Corporate Affairs) here:-