This article talks about company law. The Companies Act, 2013 has seen several amendments over the years to finally acquire its current form. Indian company law regulates the corporations formed under the Indian Companies Act 2013.
The 2013 Act is divided into 29 chapters containing 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules. After receiving the assent of the President of India on 29th August 2013 The Companies Act, 1956 was replaced. (in a partial manner)
The Act came into force on 12th 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” thus included in this act that will deem as private company. One person company includes only 98 provisions which is notified by the Act. A total of another 184 sections came into force from 1st April 2014. The MCA published a notification for exempting private companies from the ambit of sections under the Companies Act.
The rules called as the Companies Rules, 2014 come into force on the 1st day of April, 2014.
Company Law: Title, Extent, Commencement and Application.
The Companies Act 2013 is an Act of the Parliament of India which extends to whole of India and regulates incorporation of a company, responsibilities of a company, directors, and dissolution of a company.
The provisions of this Act shall apply to—
(a) companies incorporated under this Act or under any previous company law;
(b) insurance companies, except in so far as the said provisions are inconsistent with the provisions of the Insurance Act, 1938 or the Insurance Regulatory and Development Authority Act, 1999;
(c) banking companies, except in so far as the said provisions are inconsistent with the provisions of the Banking Regulation Act, 1949;
(d) companies engaged in the generation or supply of electricity, except in so far as the said provisions are inconsistent with the provisions of the Electricity Act, 2003;
(e) any other company governed by any special Act for the time being in force, except in so far as the said provisions are inconsistent with the provisions of such special Act; and
(f) such body corporate, incorporated by any Act for the time being in force, as the Central Government may, by notification, specify in this behalf, subject to such exceptions, modifications or adaptation, as may be specified in the notification.
Find legal advisor for issues relating to company law.