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Lecture 1 - Introduction To Companies

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8 views5 pages

Lecture 1 - Introduction To Companies

Uploaded by

manya.nagpal
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Introduction to Companies in

India
Lecture 1- Dr. Sneha Singh

Historical Development and Key


Concepts
• East India Company (1600) - regulated
company established by a Charter
• Monopoly of trade in India; members could
carry on trade individually and had the option
to subscribe to the joint fund or stock of the
company
Company Legislation in India
(1850-1913)
• First legislative enactment for registration of
Joint Stock Companies (1850) - based on
English Companies Act, 1844
• Limited liability concept recognized for the
first time by the Companies Act, 1857 - closely
following the English Companies Act, 1856
• Companies Act, 1866 - consolidating and
amending the law relating to incorporation,
regulation, and winding-up of trading
companies and other associations

Development of Companies Law


(1913-1956)
• Companies Act, 1913 - based on the English
Companies Consolidation Act, 1908
• Amendments made in 1914, 1915, 1920, 1926,
1930, and 1932
• Extensive amendments in 1936 on the lines of
the English Companies Act, 1929
Historical Milestones (1969-1999)

1969: Managing agents and secretaries and treasurers abolished 1974 - Object of this amendment is to inject an element of public interest in the working of the corporate sector 1985 - Amending Act substituted Section 293A of Companies Act, 1956 with a new section permitting Non-Government companies to make political contributions 1988 - Expert Committee (Sachar Committee) - definition of Secretary brought in line with the definition of ‘Company Secretary’ in the Company Secretaries Act, 1980 1999 - Companies allowed to issue Sweat Equity shares

Modern Era of Companies Law


(1956-2013)
• Companies Act, 1956 - replaced the
Companies Act, 1913
• Introduction of E-Governance and electronic
records (2000)
• Companies Bill, 2012 - assented to by the
President of India on 29.08.2013 and notified
in the Gazette of India on 30.08.2013
Key Concepts in Companies Act,
2013
• Associate company
• One person company
• Small company
• Dormant company
• Independent director
• Women director
• Resident director
• Special court

New Concepts in Companies Act,


2013 (continued)
• Secretarial standards
• Secretarial audit
• Class action
• Registered valuers
• Rotation of auditors
• Vigil mechanism
• Corporate social responsibility
• Cross border mergers
• Prohibition of insider training
Companies (Amendment) Act,
2019
• Re-categorizing of offences to an in-house
adjudication framework
• Other key reforms

Process- Entrepreneurship

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