Companies Act 2013: new rules now in place

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The Companies Bill, 2012, was passed by the Lok Sabha (lower house of parliament) on 18 December 2012 and by the Rajya Sabha (upper house) on 8 August 2013. Following presidential assent on 29 August 2013, the Companies Act, 2013, finally came into force, paving the way for the replacement of the Companies Act, 1956.

Business_meeting_roundtable_discussionThe 2013 act has 470 sections divided into 29 chapters and seven schedules, reducing it from 658 sections divided into 13 parts.

The government notified 98 sections of the 2013 act in September 2013; section 235, dealing with corporate social responsibility, on 27 February 2014; and 183 sections on 26 March. A total of 283 sections are now in effect. The government notified rules for a number of chapters after having considered suggestions and comments from various stakeholders. It also introduced a new set of forms that need to be filed with the relevant authorities.

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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.

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