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The 2013 Companies Act superseded the Companies Act of 1956, under whose provisions Indian corporations previously operated.In addition to the Companies Act, corporations are subject to other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).
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 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.
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 [1] It was repealed and replaced by the Companies Act 2013.
Corporate law (also known as company law or enterprise law) is the body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses. The term refers to the legal practice of law relating to corporations, or to the theory of corporations .
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6 years, 217 days 4 T. T. Krishnamachari: 1957 13 February 1958 1 year, 43 days 5 Jawaharlal Nehru: 13 February 1958 13 March 1958 28 days 6 Morarji Desai: 13 March 1958 29 August 1963 5 years, 169 days 7 T. T. Krishnamachari: 29 August 1963 1965 1 year, 125 days Jawaharlal Nehru Lal Bahadur Shastri: 8 Sachindra Chaudhuri: 1965 13 March 1967
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