The Companies Act, 1956
| Companies Act 2013 | |
|---|---|
 |
|
| An Act to consolidate and amend the law relating to companies. | |
| Citation | Act No. 18 of 2013 |
| Territorial extent |
 India
|
| Enacted by | Parliament of India |
| Date assented to | 29 August 2013 |
| Date signed | 29 August 2013 |
| Date commenced |
12 September 2013 (98 sections) |
| Legislative history | |
| Bill | The Companies Bill, 2012 |
| Bill citation | Bill No. 121-C of 2011 |
| Repealing legislation | |
| The Companies Act 1956 | |
| Status: In force | |
12 September 2013 (98 sections)
The Companies Act 2013 is an Act of the Parliament of India on Indian company law 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.
Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, sets out the responsibilities of companies, their directors and secretaries and also provides for the procedures for its winding.
National Financial Reporting Authority (NFRA) is proposed to be established as an oversight body to investigate matters of professional misconduct by chartered accountants or CA firms.
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