Company law is self-explanatory as per the word company the Law which comprises or concerns about the companies and the other business organizations comes under Indian company law.
Company law includes partnerships, corporations and all other association which perform charitable activity or are performing any economic activity. All country have their own company law and the company running there have to abide the respective country company law.
Central Government passed the company ACT
ACT NO. 1 OF 1956 [18th January, 1956] which was later amended and 2013 the revised company law was published or announced.
The company Act 2013 is an ACT of the parliament of India which comprises of or regulates
- Dissolution of a company
- Incorporation of a company
- Responsibilities of a company.
The Indian Company 2013 Act is totally divided into 29 chapters which has again 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules.
If we compare the Company Act, 2013 and The Companies Act, 1956 then we can say that company Act 2013 has replaced Company Act 1956 on 29 August 2013 after the approval or agreement from President of India in a partial manner.
Company Act, 2013 was announced on 12 September 2013. There were few changes from the previous company act in terms of number of employee.
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