Indian Company act – 1956/Company Act 2013
is the governing authority of the government Companies
In India, the Company Act has been amended many times as in 1988, 1990,
1996, 2000, 2011, and 2013. So now there are two Acts the one is a new one and the other is the old Act by which the Indian Companies are being ruled the one is the
Indian Company Act – 1956, and the Amended one is the Company Act – 2013. Now the governing of the Private Companies and the Public Companies Depends upon their subject of the situation. There have been many cases in which the apex Court decided the verdict of the government Company on the basis of the 1956 Act and sometimes on the basis of the 2013 Act. Hence we cannot say it clearly that there is any specific Act for the Company Act.
Section 617 of the Companies Act, 1956 defines government Companies as the Companies involved 51% or
more in the share in terms of the financial and appointment systems. The Act of 2013 contains 29 chapters and 470 Sections whereas the Act of 1956
was having the 7 Schedule and 658 Sections.
One of the interesting facts about the Act was indifferent Days. The President of India had given his Assent to this Amendment on 29 August 2013, section 1 of the Act became prevalent on 30 August 2013, and on the other Date on 12 September 2013, other 98 Sections became effective from this date. And some of the left Sections came into force from 1 April 2014. Some of the changes were done in the Sections. Like the term
“One Person Company”
included in the sections which were notified with 98 Sections of the Act.