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ICAI-Highlights of Companies Bill

Posted on 21 August 2013,    
 18804    Share  Report

WHY A NEW LAW WAS NEEDED?

·         The changing national and international economic environment Exponential growth of the Indian economy Changes in the stakeholders’ expectations Manifold Increase in Number of Companies

Year

No. of Companies

1956

30,000 approx

2013

11,00,000 approx

·         The need of a legal framework was felt to enable the Indian corporate sector to adopt the best international practices in a globally competitive manner, fostering a positive environment for investment and growth

·         Companies Bill 2012 was passed by Lok Sabha on 18th December, 2012 and subsequently, was passed by the Rajya Sabha on 8th August, 2013.

·         The bill comprises of 29 chapters, 470 Clauses with 7 Schedules as against 658 sections and 14 Schedules in the Companies Act, 1956

·         Substantively a law based on Rules (as may be prescribed).

In 470 Clauses the word “as may be prescribed” has been used at around 336 places.

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