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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CA Punkaj Jain OUTLINE Background of Companies Bill, 2012 Definition Audit & Auditors Penal provisions Loans and Investments Directors, KMP’s and Governance Corporate Social Responsibility Regulatory bodies (NCLT, NFRA, SFIO)
Companies Bill, 2012, after a very long journey and with many stumble blocks, has finally seen the light of day in Lok Sabha. After much speculation and eagerness on the subject, Lok Sabha finally approved the Bill on the night of 18th December, 2012.
The proposed Companies Bill, 2012 does not contemplate any verbatim corresponding provision. However, somewhat similar provision is contemplated in the Bill, not as a separate provision, but as part of the provision relating to “Signing of audit report, etc.” contained in section 145 thereof. The said section 145 reads as under:
The new avatar of Companies Bill, is said to aim at – Protecting the interests of Employees and Small Investors,Voluntary adoption of Social Welfare Schemes, Clearing cumbersome procedures and making India an attractive and safe destination for Investment.
In recently passed Companies bill 2012, new concept of One Person Company has been introduced. It is considered as revolutionary step taken by government to encourage unorganized proprietorship business to enter in to organized corporate world.
Under the existing provisions of the Companies Act, 1956, the appointment or re-appointment of a statutory auditor of a Company is an annual exercise except in cases of the appointment of first auditor or appointments to fill up casual vacancies. Sub-section (1) of section 139 of the Companies Bill, 2012 proposes to make it mandatory to appoint an auditor for five years at a time (subject to annual ratification).
Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director.
Very soon, companies in India shall be governed by a new piece of legislation to be known as Companies Act, 2013 which shall replace the longest legislation of the country, the Companies Act, 1956 which is now over 56 years old.
The Entire Corporate India Woke Up To The Morning Of 19th December 2012 With A Fresh Breeze, New Hopes And Exciting Challenges. With Just Two Days Left For The Much Hyped Armageddon Of 21st December 2012 When The World Was Supposed To End As Per A Famous Prediction, The Lok Sabha Passed The Much Awaited Companies Bill, 2012 Which Marks The Dawn Of A New Era,
Download Companies Bill 2012 As Passed By The Lok Sabha On 18.12.2012 The text of the Companies Bill 2012 as passed by the Lok Sabha on 18.12.2012 is available for download. DOWNLOAD FULL TEXT OF COMPANIES BILL 2012
