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The Companies (Amendment) Bill, 2020. Status: In force. The Companies Act 2013 (No. 18 of 2013) is an Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956. The Act was brought into force in stages.
The 2013 Companies Act superseded the Companies Act of 1956, under whose provisions Indian corporations previously operated.In addition to the Companies Act, corporations are subject to other regulations administered by the Ministry of Corporate Affairs (MCA), which has two branches: the Regional Director (RD) and the Registrar of Companies (ROC).
The Companies Amendment Act, 2006 The Limited liability Partnership Act, 2008 In August 2013, The Companies Act, 2013 was passed to regulate corporations by increasing responsibilities of corporate executives and is intended to avoid the accounting scandals such as the Satyam scandal which have plagued India. [ 2 ]
The introduction of the Companies Act 2013 (2013 Act), which replaced the previous Companies Act 1956, was one of the most important legal reforms in recent years (1956 Act). Though the 2013 Act was a start in the right way by introducing important improvements in areas like disclosures, investor protection, corporate governance, and so on ...
The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies. The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the government of India and is based on the recommendation of the V. Balakrishna Eradi committee on law relating to the insolvency and the winding up of companies.
The National Company Law Appellate Tribunal (NCLAT) is a tribunal which was formed by the Central Government of India under Section 410 of the Companies Act, 2013.The NCLAT was formed as a body with an appellate jurisdiction at the same time when NCLT was established as a major reform as per powers granted to the Ministry of Corporate Affairs in India,
As per Section 2(51) of the Companies Act 2013, Company Secretaries are a company's Key Managerial Personnel (KMP). Other KMPs in a company include the Chief Executive Officer, the managing director, the Whole-time Director, the Chief Financial Officer, and such other officers designated by the Board as KMP but are not more than one level below the directors in whole-time employment.
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