Companies Act 2013: some important developments essay
The Companies Act, introduced to improve corporate governance and better transparency in the corporate sector, which is imperative to instill confidence. Some of the key highlights of the Amendment Act are set out below: • Amendments from the Second Regulation that have been notified: Some of the key, the Act has been developed with a view to improving self-regulation, improving corporate governance standards, increasing the accountability of companies and accountants, raising the level of. According to the companies, a memorandum of association must contain the following clauses as discussed below: Name Clause: It is mandatory to mention the name of the company. ~ Company is one of the most popular and widely opted for types of business agreements in India. by entrepreneurs and non-individual entities to run businesses and achieve their objectives. In India, Companies Act, the regulation of companies and all types of compliance. The law was drafted to provide a legal framework. The key changes introduced regarding board meetings and processes are as follows: First board meeting of a company to be held thirty days after incorporation. Informing about. INTRODUCTION. The Ministry of Corporate Affairs “MCA” has notified that certain provisions of the Companies Act, 2013 “ ” are not applicable to private limited companies. Business law. 1 Introduction. This article examines the influence of both the social and cultural context, including imperial influences, and political processes on the promulgation of the Companies Act, 1956, with a particular focus on accounting provisions in India, using a framework based on the work of McKinnon 1986. They are expected to act in the best interests of the company and its stakeholders. Key duties of directors to the company under the Companies Act · Breach of fiduciary duty: Directors must act with honesty, integrity and in good faith. Breach of these duties can lead to personal liability, especially if the Applicability: of the Companies Act sets the threshold for the applicability of the CSR to a company, i.e. the net worth of the company is crore or more, b the turnover of the company is crore or more, and the net profit of the company is crore or more. Further, as per the CSR rules, the provisions of,