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Companies Act,2013 #CompaniesAct,2013

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.

The Act has replaced The Companies Act, 1956 (in a partial manner) after receiving the assent of the 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.

New concepts

  One Person Companies (OPC)

  Women Directors (second proviso to sec 149(1) or 149 subsection read with rule 3 of

companies (appointment and qualifications of directors rules, 2014)

  Corporate Social Responsibility

  Registered Valuers

  Rotation of Auditors

  Class Action

  Dormant Company sec 455(1)

  Fast Track Mergers

  Serious Fraud Investigation Office

  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. One Person Company (OPC) is a Company registered with ONLY ONE PERSON as its shareholder. An OPC is classified as a private company under Companies Act.

 Woman Director: Every Listed Company and Public Company with paid up capital of Rs 100 Crores or more / Public Company with turnover of Rs 300 Crores or more shall have at least one Woman Director.

  Corporate Social Responsibility Clause (135): 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.

 

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