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It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956. The Act was brought into force in stages. Section 1 of this act came into force on 30 August 2013. 98 different sections came into force on 12 September 2013 with a few changes. [1] [2] A total of another 183 sections came into force from 1 April ...
As per Section 2(51) of the Companies Act 2013, Company Secretaries are a company's Key Managerial Personnel (KMP). [5] Other KMPs in a company include the Chief Executive Officer, the managing director, the Whole-time Director, the Chief Financial Officer, and such other officers designated by the Board as KMP but are not more than one level below the directors in whole-time employment. [5]
The 2013 Companies Act superseded the Companies Act of 1956, under whose provisions Indian corporations previously operated.In addition to the Companies Act, corporations are subject to other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).
i) companies managed by Board of Directors; and ii) those by a Managing Director, whole-time director or manager subject to the control and guidance of the Board of Directors i.e., he is liable to the Board of Directors and the function of the corporate. As per Clause 49, for a company with an Executive Chairman, at least 50 per cent of the ...
There are considerable variations in the composition and responsibilities of corporate titles. Within the corporate office or corporate center of a corporation, some corporations have a chairman and chief executive officer (CEO) as the top-ranking executive, while the number two is the president and chief operating officer (COO); other corporations have a president and CEO but no official deputy.
More rarely, the chief financial officer (CFO), chief operating officer (COO), or chief marketing officer (CMO) will act as the general manager of the business. Depending on the company, individuals with the title managing director, regional vice president, country manager, product manager, branch manager, or segment manager may also have ...
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Societies Registration Act, 1860; The Companies Amendment Act, 2006; The Limited liability Partnership Act, 2008; 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]