is companies act 1956 still applicable??

3772 views 2 replies
is companies act 1956 still applicable??

if yes,

1) why is it so?
2) which all sections are applicable? ( what do these sections relate to?)

Let's discuss this well :

thank-you
Replies (2)

Yes, some sections of  Companies Act 1956 are still applicable.  This is so because the government is  yet to set bodies like National Company Law Tribunal and the relevant rules need to be notified.  In the absence of this relevant sections of the new Act cannot be implemented.  For example, the provisions relating to scheme of arrangement u/s 391-394 of old Act are still applicable since the same are dealt with by  High Courts.  After  NCLT is set up these matters will be dealt with by  NCLT and provisions of the new Act will be notified.

 

Thank-you Sir,

Also, sir, NCLT would replace the existing Company Law Board, right?
what's the need for that?

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