Companies Act 2013 Vs Companies Act 1956

The Companies Act, 2013 has been passed by LokSabha as well as RajyaSabha and the President has given his consent to the same in August 2013.  98 sections of the Act, have come into force.  2 sets of the draft rules have also been circulated.

The Companies Act, 1956 (existing Act) contains 658 sections and XV schedules.  The Act, has 464 sections and 7 schedules.

 

The Act, has lesser sections as the Companies will be governed more through the rules which are yet to be prescribed.

 

The notes below are prepared based on the provisions of the Act.  It may need to be amended/ modified, deleted/ added, as per the Rules as may be prescribed, as well as interpretation as it may emerge over a period of time.

 

The notes are in respect of provisions which may affect us.  The provisions such as winding up, prospectus etc., have not been mentioned in the notes.