Recasting of companies act, 1956 companies act 2013 & companies amendment act 2015
Self regulation of corporate sector is the basic intent of Companies Act 2013. The Companies Act 2013 has replaced the more than six decades old Companies Act 1956. The Companies bill was passed by Lok Sabha on 18th December 2012 (called Companies Bill 2012) and passed by Rajya Sabha on 8th august 2013 (became Companies Bill 2013). It received the assent of the President of India on 29th Aug, 2013 and became the much awaited Companies Act 2013. Section 1 of Companies Act came into effect from 30th Aug, 2013. It contains 470 Sections, 29 chapters, 7 schedules as against 658 sections, 15 schedules of 1956 Act. The Companies Act 2013 has introduced many new provisions which contribute to the growth and development of corporate sector. The new act provides for business friendly corporate regulations, good corporate governance, self governance instead of control or regulations by others, social responsibilities of companies (CSR), enhanced annual return disclosures, enhanced level of accountability on the part of corporate and auditors, raised level of transparency as well as protection of interest of investors. This paper attempts to understand the new concepts and provisions of new Companies act, 2013. An effort has been made to explain the various new provisions like One Person Company (OPC), Dormant Company, Independent director, Woman director, Secretarial audit, Corporate social responsibility etc. Recently to improve the ease of doing business in India and as well as to address the concerns of stakeholders, the new Companies act 2013 has also been amended by Companies Amendment Act 2015. This paper also includes the highlights of Companies Amendment Act 2015.
Companies Act 2013, Companies Amendment Act 2015, Disclosures, Corporate.