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    Corporate Law

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    Srini Vasa
    This document provides an overview of corporate law and the history and evolution of company acts in India. It summarizes that a company is a legal entity formed by a group of individuals to operate a business. The Companies Act of 2013 is the current act which simplified regulations, enhanced self-regulation and corporate democracy compared to the previous Companies Act of 1956 which had undergone several amendments over 57 years. The key features of a company under the 2013 act include being an incorporated association, having a separate legal identity, perpetual succession, and limited liability.

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    Corporate Law

    Uploaded by

    Srini Vasa
    35 views7 pages
    This document provides an overview of corporate law and the history and evolution of company acts in India. It summarizes that a company is a legal entity formed by a group of individuals to operate a business. The Companies Act of 2013 is the current act which simplified regulations, enhanced self-regulation and corporate democracy compared to the previous Companies Act of 1956 which had undergone several amendments over 57 years. The key features of a company under the 2013 act include being an incorporated association, having a separate legal identity, perpetual succession, and limited liability.

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    Corporate Law (1).pptx

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    This document provides an overview of corporate law and the history and evolution of company acts in India. It summarizes that a company is a legal entity formed by a group of individuals to operate a business. The Companies Act of 2013 is the current act which simplified regulations, enhanced self-regulation and corporate democracy compared to the previous Companies Act of 1956 which had undergone several amendments over 57 years. The key features of a company under the 2013 act include being an incorporated association, having a separate legal identity, perpetual succession, and limited liability.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    35 views7 pages

    Corporate Law

    Uploaded by

    Srini Vasa
    This document provides an overview of corporate law and the history and evolution of company acts in India. It summarizes that a company is a legal entity formed by a group of individuals to operate a business. The Companies Act of 2013 is the current act which simplified regulations, enhanced self-regulation and corporate democracy compared to the previous Companies Act of 1956 which had undergone several amendments over 57 years. The key features of a company under the 2013 act include being an incorporated association, having a separate legal identity, perpetual succession, and limited liability.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 7

    CORPORATE LAW

    3/5 YDC V SEMESTER'


    2/3YDC,III SEMESTER
    UNIT I
    • What is Company?
    A company is a legal entity formed by a group of individuals to engage
    in and operate a business which can be commercial or industrial
    enterprise.
    • The word “Company” is derived from the Latin word
    com = with or together
    panis = bread
    • Originally referred to association of persons who take their meal
    together.
    History of Company

    • Group of people who took their lunch and talk together.


    • The Bubbles Company Regulation Act, 1720 (also called The Bubble
    Act, 1720). This Act is passed by Parliament of Great Britain.
    History of Company Act
    • Indian Company Act is based on British model.
    • The first act relating to Indian Companies in 1850 was based on Joint Stock
    Companies Act,1844 of England.
    • Companies Amendment Act, 1857 provided for registration of companies
    with or without liability.
    • Companies Act, 1866 replaced the Amendment Act 1857.
    • After a series of amendments, Companies Act, 1956 was passed and came
    into force on 1st April 1956.
    • Later major amendments made in 2002 and finally The Indian Companies
    Act, 2013 passed on 29th August 2013 after multiple amendments.
    Comparison

    Companies Act 2013 Companies Act 1956


    • 29 chapters, 470 sections, 7 schedules. • 658 sections, 15 Schedules, 13 parts
    Substantial part is in rules.
    • The main objective of this act is lesser
    • This act has been amended several
    government approvals and enhanced
    self regulations coupled with emphasis times in the past 57 years as they
    on corporate democracy. have become outdated and
    inadequate. Hence need for new Act.
    • Some more changes like No of
    directors increased to 15. Previously maximum directors were
    • Women directors compulsory for 12.
    certain companies. Women directors not compulsory etc.
    • Definition Of Company under
    Companies Act,2013: Sec 2(20)
    defines the term “Company” as
    follows: “Company means a company
    incorporated under this Act or under
    any previous company Law”.

    Company • A company is an incorporated


    association which is created by law,
    having a separate entity with a
    perpetual succession and a common
    seal.
    Salient Features of a Company:
    1. Incorporated Association
    2. Artificial Legal person
    3. Separate Legal entity
    4. Perpetual Succession
    5. Limited liability
    6. Transferability of shares
    7. Common Seal
    8. Separate Property

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