India brings into force new Companies Act

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India has enacted the Companies Act, 2013, which will replace the existing Companies Act, 1956. The provisions of the new act will be brought into effect in phases.

Some of the key features of the new act are:

One person company: The act introduces a new category of company called “one person company” (OPC) i.e. a company with a single member.

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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.

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