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Some provisions of the Act are still in force (as per Ministry of Corporate Affairs Website) Status: Repealed The Companies Act 1956 was an Act of the Parliament of India , enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries . [ 1 ]
The 2013 Companies Act superseded the Companies Act of 1956, under whose provisions Indian corporations previously operated.In addition to the Companies Act, corporations are subject to other regulations administered by the Ministry of Corporate Affairs (MCA), [1] which has two branches: the Regional Director (RD) and the Registrar of Companies (ROC).
National Advisory Committee on Accounting Standards (NACAS) is a body set up under section 210A of the Companies Act, 1956 by the Government of India.It advises the Central Government on the formulation and laying down of accounting policy and accounting standards for adoption by companies . [1]
In August 2013, The Companies Act, 2013 was passed to regulate corporations by increasing responsibilities of corporate executives and is intended to avoid the accounting scandals such as the Satyam scandal which have plagued India. [2] It replaces The Companies Act, 1956 which has proven outmoded in terms of handling 21st century problems. [3]
Created in the year 1967 as a service to administer the Companies Act, 1956 as the Company Law Service, it was renamed as Indian Company Law Service in the year 2002. The service functioned under Ministry of Finance (Department of Company Affairs) till 2004, after which an independent ministry by the name Ministry of Corporate Affairs was created to administer the Corporate Sector in India.
University Grants Commission Act: 1956: 3 All-India Institute of Medical Sciences Act: 1956: 25 Hindu Succession Act: 1956: 30 Life Insurance Corporation Act: 1956: 31 Hindu Minority and Guardianship Act: 1956: 32 Interstate River Water Disputes Act: 1956: 33 States Reorganisation Act: 1956: 37 Bihar and West Bengal (Transfer of Territories ...
The Companies Act 2013 (No. 18 of 2013) is an Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956 .
The State Trading Corporation of India Ltd is an Indian government-owned international trading company established in 1956 , responsible for managing import and export operations. It functions as an independent entity under the Companies Act, 1956, and operates under the administrative jurisdiction of the Ministry of Commerce & Industry.