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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 [1] It was repealed and replaced by the Companies Act 2013.
The 2013 Companies Act superseded the Companies Act of 1956, under whose provisions Indian corporations previously operated.In addition to the Companies Act, corporations are subject to other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).
The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies. [1] The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the government of India and is based on the recommendation of the V. Balakrishna Eradi committee on law relating to the insolvency and the winding up of companies.
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.
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 It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956 .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 Ministry of Corporate Affairs is an Indian government ministry primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008, and the Insolvency and Bankruptcy Code, 2016.
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The General Insurance Business (Nationalisation) Act, 1972 (GIBNA) that followed paved the way for the Government to take over ownership of these businesses. Accordingly, GIC was incorporated on 22 November 1972 as a private company under Companies Act, 1956 [5] in Bombay and received its Certificate for Commencement of Business on 1 January 1973.