An Act to consolidate and amend the law relating to companies. The Companies Act 2013 is an Act of the Parliament of India which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. Factories act 1948 pdf download 2013 Act is divided into 29 chapters containing 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules.
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, and set out the responsibilities of companies, their directors and secretaries.
One Person Company is a company with only one person as a member. That one person will be the shareholder of the company. It avails all the benefits of a private limited company such as separate legal entity, protecting personal assets from business liability, and perpetual succession. Company registered with ONLY ONE PERSON as its shareholder.
An OPC is classified as a private company under Companies Act. Public Company with turnover of Rs 300 Crores or more shall have at least one Woman Director. 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.
Registered Valuers – Valuation by registered valuers. Act, it shall be valued by a person having such qualifications and experience and registered as a valuer in such manner, on such terms and conditions as may be prescribed and appointed by the audit committee or in its absence by the Board of Directors of that company.
For the first time, a provision has been made for class action suits. Tribunal on behalf of the members or depositors. Where the members or depositors seek any damages or compensation or demand any other suitable action from or against an audit firm, the liability shall be of the firm as well as of each partner who was involved in making any improper or misleading statement of particulars in the audit report or who acted in a fraudulent, unlawful or wrongful manner.
The order passed by the Tribunal shall be binding on the company and all its members, depositors and auditors including audit firm or expert or consultant or advisor or any other person associated with the company. Statutory status to SFIO has been proposed. Investigation report of SFIO filed with the Court for framing of charges shall be treated as a report filed by a Police Officer. SFIO shall have power to arrest in respect of certain offences of the Bill which attract the punishment for fraud.
Those offences shall be cognizable and the person accused of any such offence shall be released on bail subject to certain conditions provided in the relevant clause of the Bill. Fast Track Mergers : The Companies Act, 2013 has separate provisions of fast track merger under Section 233 of Companies Act, 2013. These provisions are notwithstanding with the normal provisions of merger under Section 230 and 232 of this Act. Complete list of Sections of Companies Act, 2013″.
Ministry of Corporate Affairs, India. The Cat Is Finally Out”.
MCA notifies 183 sections of Companies Act 2013″. Business Portal of India : Starting a Business : Regulatory Requirements : Companies Act”. Section 135 – Corporate Social Responsibility Committee”. This page was last edited on 26 October 2017, at 10:35.