The company law consolidates or amends law relating to companies. The Indian Companies Act, 1866, the Indian Companies Act, 1882, the Companies Act, 1913, and the Companies Act, 1956 was earlier law passed in India.
The Companies Act, 2013 received the assent of the Honorable President of India on 29th August 2013 and was notified in the Official Gazette on 30th August 2013. The Companies Act 2013 is rule based legislation with 470 sections and seven schedules. The entire Act has been divided into 29 chapters.
The Companies Act, 2013 has undergone amendments four times so far. The Companies (Amendment) Act, 2015, The Insolvency and Bankruptcy Code, 2016, The Companies (Amendment) Act, 2017, and The Companies (Amendment) 2019 amended The Companies Act, 2013. So far Ministry has come out with several circulars, notifications, Orders and various amendment rules to facilitate better and smooth implementation of the Act.
The companies Act 2013 aims to ensure:
1. Better facilitation of business.
2. Better corporate governance practices.
3. Simplify regulations, provisions and rules
4. Strengthen and protecting the interest of investors.
5. Transparency and disclosures in companies.