Indian Companies Act

Companies Act 2013 UPSC

Concept: Indian Companies Act Topic: Industry Category: Investments Related News: FE, Feb 3 CNA mentions:2 (Feb 3)  

Indian Companies Act

Indian Companies Act 2013 is an Act of the Parliament of India which regulates incorporation of a company, responsibilities of a company, directors and dissolution of a company. The Act contains 29 chapters containing 470 sections and 7 schedules. The Companies Act is administered by the Central Government via the Ministry of Corporate Affairs along with its various offices like the Company Law Board, Registrar of Companies, Official liquidators, Public Trustee, Director of Inspection etc. Among these offices the foremost one dealing  in the incorporation and administration of new companies. Various compliances have to be done from the end of companies under the provisions of the Act mandatorily. Currently the panel appointed by the Central Government has called for amendments in the Companies Act 2013 to facilitate funds raising and reward senior management .Certain suggestions like simplifying the private placement process and making the process of incorporation easier. Also the panel wanted certain changes to be made in the areas pertaining to various forms.