The Companies Act 2013 is a crucial legislation in India governing the incorporation, functioning, and management of companies. Learn about the key provisions, compliance requirements, and legal framework under the Companies Act 2013.
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Company Law : Explore the Calcutta High Court's decision in Uphealth Holdings, INC. Vs Dr. Syed Sabahat Azim & Ors. regarding the applicability ...
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The Bill has 470 clauses as against 658 Sections in the existing Companies Act, 1956. The entire bill has been divided into 29 chapters. Many new chapters have been introduced, viz., Registered Valuers (ch.17); Government companies (ch. 23); Companies to furnish information or statistics (ch. 25); Nidhis (ch. 26); National Company Law Tribunal & Appellate Tribunal (ch. 27); Special Courts (ch. 28).
Please note the article was wrongly republished on 24.08.2016 while actually it was suppose to be re-published on its original date of 24.08.2012. Please refer mca.gov.in for latest applicable article or keep visiting us as we will be coming up with a new article on the subject Annual e-Filing Guidelines As a part of Annual […]
Companies Bill 2011, if passed, will take the place of nearly 55 years old yet significant law Companies Act 1956. This act came into force when our fore fathers use to do the business but the things have changed now the number of companies in India in 1956 was 30,000 which is more than 7laks now. Although the companies act has gone nearly 24 amendments since its enactment, in order to adapt itself with the changing requirement it has not been able to been able to satisfy India Inc. It may be said that though there are many accolades but there are some brickbats too.
The following are the salient features of the Companies Bill, 2011:- (i) E-Governance:- Maintenance and allowing inspection of documents by companies in electronic form being allowed for the first time. (ii) Concept of Corporate Social Responsibility is being introduced. (iii) Enhanced Accountability on the part of Companies:
While incorporating the several recommendations of the Standing Committee on Finance, as also some of the suggestions/ representations received subsequent to submission of report of Committee, the provisions of the Companies Bill, 2009 were revised and a fresh Bill was formulated as Companies Bill, 2011 and introduced in Lok Sabha on 26.06.2012. A statement indicating the changes made and the new provisions introduced has been submitted by the Ministry as below : –
There is no separate activity code to identify Multi Level Marketing (MLM) companies. Therefore, these companies cannot be separately identified from the list of companies registered under the Companies Act, 1956. Also, there are no separate guidelines for MLM companies. Hence information on action and tax collection is not available.
Companies Bill, 2011 provides for more detailed requirements in the form disclosures/declarations to be made by companies, and their promoters/first directors at the time of Incorporation. Detailed disclosure requirements on continuous basis have also been provided. Additionally, the Bill seeks enhancement of accountability through various clauses of the Bill viz appointment and accountability of Key Managerial Personnel, defining role of independent directors and enhanced penalties/fine/imprisonment etc.
What is the date of applicability of the New Schedule VI? The New Schedule VI is applicable to all companies for financial statements prepared for financial year commencing on or after 01.04.2011 except banking, insurance and electricity companies which are governed by their own reporting formats under the respective pronouncements.
The government is likely to retain various contentious provisions in the new Companies Bill, like fixed term for independent directors and rotation of auditors every five years, despite concerns raised by industry. In the final draft of Companies Bill 2011, the Corporate Affairs Ministry is learnt to have fixed the term for independent directors to […]
The Cabinet today approved the Companies Bill 2011 which, once approved by Parliament, will replace half-a-century-old Act.Companies Bill, 2011 is likely to be tabled (for consideration and passage) in the ongoing Winter Session. The Bill, which has already been vetted by the Parliamentary Standing Committee of Finance and also by different ministries, seeks to update the company law in line with the best global practices.