The Companies Act of 2013 governs the selection, training, compensation, and retirement of the company's directors.
The British Company Act of 1908 served as the foundation for the 1913 evolution of the Companies Act, which was subsequently revised in 1956 following independence. The Companies Act needed to be changed, which was done in 2013 as a result of India’s mammoth growth and the level of technological advancement seen around the world, including the globalised economy.
The Companies Act-2013‘s goals include improving the act’s transparency, safeguarding stakeholder interests, establishing tribunals, and enforcing strict penalties against defaulters. This article describes the laws that are regulated.
Components of the Companies Act of 2013
The Companies Act of 2013 is a piece of legislation that was passed in 2013 and has 29 Chapters, 470 Sections, and 7 Schedules.
The list of regulations included in the Companies Act of 2013 is provided below. These regulations, which must be followed by the company, aid in obtaining financial assistance, relaxing compliance requirements, regulating organisational structure, and increasing technical competitiveness.
- The Companies (Definitions and Details) Rules of 2014
- Regulations for Companies (Limitation on Number of Layers), 2017
- Company (Incorporation) Rules of 2014
- Part I of the 2014 Companies (Prospectus and Allocation of Securities) Rules
- The Companies (Concern of Global Depository Receipts) Rules, 2014
- The Companies (Share Capital and Debentures) Rules, 2014
- The Companies (Acknowledgement of Deposits) Rules, 2014
- The Companies (Registration of Charges) Rules, 2014
- The Companies (Management and Administration) Rules, 2014
- Rules for Corporations (Significant Beneficial Owners), 20l8
- Rules for Companies (Declaration and Payment of Dividends), 2014
- In 2016, the Investor Education and Protection Fund Authority (Appointment of Chairperson and Members, Holding Meetings, and Provision for Offices and Officers) Rules were adopted.
- Accountability, Audit, Transfer, and Refund Regulations for the Investor Education and Protection Fund Authority, 2016
- The Companies (Accounts) Rules 2014
- Regulations for the National Financial Reporting Authority for 2018
- The National Financial Reporting Authority (Meeting for Transaction of Business) Rules, 2019
- The National Financial Reporting Authority (Manner of Appointment and Other Terms and Conditions of Service of Chairperson and Members) Rules, 2018
- Company Rules for Corporate Social Responsibility, 2014.
- Indian Accounting Standards Rules for Companies, 2015
- Regulations for Corporations (Audit and Auditors), 2014
- Regulations for Companies (Cost Records and Audit), 2014
- Rules for 2015 for Companies (Filing of Documents and Forms in XBRL)
- Rules for 2014’s Companies (Appointment and Qualifications of Directors)
- 2014 Rules for Companies (Board Meetings and its Powers)
- The 2014 Companies (Appointment and Compensation of Managerial Personnel) Rules
- Company Inspection, Investigation, and Inquiry Rules of 2014
- (2017) Companies (Arrests in connection with Serious Fraud Investigation Office Investigation) Rules
- The Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016
- Regulations for Companies (Mediation and Conciliation), 2016
- Regulations for Companies (Registered Valuers and Valuation), 2017
- The 2016 Rules for Companies (Removal of Name of Companies from the Register of Companies)
- The 2014 Rules for the Rehabilitation of Sick Companies
- Regulations for Companies (Authorized to Registered), 2014
- The 2014 Companies (Regulation of Foreign Companies) Rules
- Rules for Corporations (Registration Offices and Fees), 2014
- Rules of Nidhis, 2014
- 2016 Rules of the National Company Law Tribunal
- Rules for the National Company Law Tribunal’s President and other Members’ Salaries, Allowances, and Other Terms and Conditions of Service, 2015
- Rules for the National Company Law Appellate Tribunal (Chairperson’s and Other Members’ Salaries and Allowances and Other Terms and Conditions of Service), 2015.
- The 2016 Rules of the National Company Law Appellate Tribunal
- The 2016 National Company Law Tribunal (Procedure for Reducing Company Share Capital) Rules
- Regulations for Companies (Transfer of Pending Proceedings), 2016
- The Companies (Adjudicating Penalties) Rules, 2014, Part I
- Division II: The Companies (Miscellaneous) Rules, 2014
- The Businesses (Creation and Maintenance of databank of Independent Directors) Rules, 2019
- Rules for Companies (Winding Up), 2020
- Federal Corporate Law Tribunal (Recruitment, Salary and other Terms and Conditions of Service of Officers and other Employees) Rules, 2020
These rules have been updated in the 29 chapters of the Companies Act of 2013, and they are as follows:
- Company Incorporation and Related Matters Prospectus and Securities Allotment
- Debentures and share capital
- Deposits Accepted by Businesses
- Charges Registration
- Audit and Auditors Management
- Administration Dividend Declaration
- Payment Accounts of Companies
- Meetings of the Board and its Powers
- Appointment and Qualifications of Directors
- Selection and Compensation of Managerial Personnel
- Inspection, Inquiry, and Investigation
- Compromises, agreements, and fusions
- Preventing oppression and poor leadership
- Removal of Company Names by Registered Valuers from the Register of Companies
- Bringing Sick Companies Back to Health,
- Winding Up Companies Incorporated Outside of India,
- Fees for Government Companies
- Business Providers of Statistics
- Information Courts of Special Jurisdiction for National Company Law and Appellate Tribunal
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- Companies Act, 2013 Sections
- What Main Changes Have Been Introduced by the Companies Act 2013?
- What Does It Mean to Incorporate a Business?