Friday, June 20, 2014

Companies Act, 2013

Companies Act, 2013 is an Act of the Parliament of India which regulates incorporation of a company, responsibilities of a company, directors, and dissolution of a company. 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 recently enacted Companies Act, 2013 is a landmark legislation with far-reaching consequences on all companies incorporated in India. The Act consolidates and amends the law relating to companies. The Companies Act, 2013 has been notified in the Official Gazette on 30th August, 2013.

The Act came into force on 12 September 2013 with only 98 provisions of the Act notified. On 27 February 2014, the Ministry of Corporate Affairs stated that Section 135 of the Act which deals with corporate social responsibility will come into effect from 1 April 2014. On 26 March 2014, the MCA stated that another 183 sections will be notified from 1 April 2014.

The Act in a comprehensive form purports to deal with various aspects of corporate India and Indian companies will have to closely examine these developments to develop a clear strategy at ensuring compliance per the new requirements.

The 2013 Act replaces the Companies Act 1956.It incorporates certain important provisions to facilitate ease of doing business in India. The 1956 Act was passed in the first decade of Free India; the business landscape has changed radically the last 60 years.

A company shall, on and from the 15th day of its incorporation to have a registered office capable of receiving & acknowledging communications and notices as may be addressed to it. The company is also required to furnish to the Registrar verification of its registered office within a period of 30 days of its incorporation in a prescribed manner.

The Companies Bill, 2013 is a vibrant step, which will play a major role in attaining the ultimate ends of social & economic policy of the government and in the development of companies in India on healthy lines.
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