Company law in India

The Companies Act, 1956 is the Central law applicable to all Corporate in India. A new Company law is legislated in 2013. It’s called the Companies Act, 2013.

Ministry of Corporate Affairs (‘MCA’) is the administrative arm of the Central Government of India, which administers and implements the Company law.

Some of the provisions (98 in number) of the Companies Act, 2013 law are brought to force by MCA from 12 September 2013 (such provisions which do not required Rules to be notified). From 01 April 2014 few more provisions (184 in number), all seven Schedules to the Act along with Rules are brought to force.

Still provisions relating to, inter alia, National Company Law Tribunal and Special Courts are not brought to force.

Thus, in India currently two Company law is in force, simultaneously.

The new Company law in India, the Companies Act, 2013 has traveled a long journey.

On 18 Dec. 2012 – approved by Lok Sabha (lower house of Parliament)

On 08 Aug. 2013 – approved by Rajya Sabha (upper house of Parliament)

On 29 Aug. 2013 – approved by President of India

Writeup on Implementation of Companies Act contains more details.

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