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What is the main purpose of the Companies Act 1956?

The main purpose of the Companies Act 1956 is to legislate the functioning, financing, formation and dissolution of companies. Some sections of the 1956 Companies Act are still applicable, although it was replaced by the Companies Act of 2013. You can read about the Companies Act 2013 – Indian Companies Act Definition, Companies Act 1956 in the given link.

Further readings:

  1. Insolvency And Bankruptcy Code (IBC) – IBC Amendment Bill 2021 
  2. Reserve Bank of India (RBI) – Functions and Composition

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