What are highlights of Companies Act, 2013?
Table of Contents
Key Highlights of Indian Companies Act 2013
- The maximum number of members (shareholders) permitted for a Private Limited Company is increased to 200 from 50.
- One-Person company.
- Section 135 of the Act which deals with Corporate Social Responsibility.
- Company Law Tribunal and Company Law Appellate Tribunal.
What is Companies Act, 2013?
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.
What are the 7 schedule of Companies Act, 2013?
List of Schedules under Companies Act 2013
- Schedule I: Memorandum and Articles (Section 4 and 5)
- Schedule II: Depreciation (Section 123)
- Schedule III: Balance Sheet and Statement of Profit & Loss (Section 129)
- Schedule IV: Code for Independent Directors (Section 149(8))
How many kinds of companies are defined in Companies Act, 2013?
three basic
The three basic types of companies incorporated under the Companies Act, 2013 are Private Company, Public Company and One Person Company.
What are the key features of corporate governance in Companies Act 2013?
The key aspects of good corporate governance include transparency of corporate structures and operations; accountability of managers and Board of Directors to the shareholders; and corporate responsibility towards stakeholders.
How does the Companies Act 2013 regulate the functioning of companies in India?
Section 177 of the Companies Act, 2013 deals with the Audit Committee. It states that every listed company and certain other public companies must establish an audit committee consisting of at least three directors where the independent directors are a majority.
What is the purpose of Companies Act?
The purposes of the Act and King 111 are, inter alia, to promote compliance with the Bill of Rights as provided for in the Constitution in the application of company law, to encourage transparency and high standards of corporate governance and provide for the balancing of rights and obligations of shareholders and …
Which type of company was introduced by the Companies Act 2013?
Registered Companies: Companies registered under the CA, 2013 or under any previous Company Law are called registered companies. Such companies comes into existence when they are registered under the Companies Act and a certificate of incorporation is granted to it by the Registrar.
Who administers Companies Act, 2013?
The Ministry of Corporate affairs
The Ministry of Corporate affairs has notified 326 sections out of 470 sections of the Companies Act, 2013 which was enacted in August, 2013 while remaining 144 sections needs to be notified yet.
What are the significant features of Companies Act 2013?
Significant Features of Companies Act, 2013 www.facebook.com/jackysethia 3 4. FRAMEWORK OF THE BILL Concise • The entire bill has been divided into 29 chapters. • The Bill has 470 sections and 7 schedules as against 658 Sections and 15 schedules in the existing Companies Act, 1956.
What are the salient aspects of the 2013 Act?
One of the significant aspects of the 2013 Act is the effort made towards incorporating some of the salient requirements mandated by the SEBI in clause 49 of the listing agreement in the 2013 Act itself.
What are the financial statements under the 2013 Act?
Apart from CFS, the 2013 Act also requires a separate statement, containing the salient features of financial statements of its subsidiary (ies) in a form as prescribed in the draft rules* . Further, section 137(1), also requires an entity to file accounts of subsidiaries outside of India, along with the financial statements (including CFS).
What is Chapter XIX of the 2013 Companies Act?
Chapter XIX of the 2013 Act lays down the provisions for the revival and rehabilitation of sick companies. The chapter describes the circumstances which determine the declaration of a company as a sick company, and also includes the rehabilitation process of the same.