Spin No . 53
Room Number 22
Department – BBA
Subject – Business Regulatory Framework
Matter – Firms Act 2013
Businesses Act, 2013 is an Act of the Parliament of India which regulates use of a business, responsibilities of a firm, directors, and dissolution of your company. The 2013 Action is split up into 29 chapters containing 470 clauses because against 658 Sections inside the Companies Act, 1956. The Act features replaced The Corporations Act, 1956 (in a partial manner) after receiving the assent of the President of India on up to 29 August 2013. The Work came into force on 12 September 2013 with only certain provisions in the Act advised. It involves 29 Chapters, 470 Nature (i. elizabeth Sections) and 7 Plans. Background
Firms Act, 2013 (2013 Act) has been assented by the Director of India on twenty nine August 2013 and printed in Official Gazette in 30 August 2013. 2013 Act enables the Central Government to bring into pressure various parts from these kinds of date(s) since may be advised in the Established Gazette. The 2013 Work stipulates increased self-regulations along with emphasis on company democracy and provides for and others, business friendly corporate rules / pro-business initiatives, e-governance initiatives, great corporate governance, Corporate Sociable Responsibility (CSR), enhanced disclosure norms, improved accountability of management, tighter enforcement, audit accountability, protection for group shareholders, investor protection and activism and better structure for financial distress regulation and institutional framework. Ministry of Corporate Affairs (MCA), Authorities of India (GOI) has initiated the method to apply 2013 Work in appointment with concerned regulatory specialists, Ministry of Law & Justice and other stakeholders. In this regard, first set of draft guidelines have been placed for public comments about 9 Sept. 2010 2013. GOI decided to implement the procedures of 2013 Act in phases. The provisions in the 2013 Action which need statutory or perhaps regulatory assessment or working of new bodies or description of relevant guidelines and varieties will be brought in force following the preparatory actions is completed. Keeping this in mind, GOI provides notified these provisions of 2013 Work which do not need such arrangements. Accordingly, GOI has advised 98 sections of 2013 Work which will enter force powerful 12 Sept 2013. This document can be prepared keeping the provisions from the 2013 Take action and does not record provisions of the Rules since the same are in Draft stage and are also subject to change once the responses of the stakeholders is received by MCA and designed in the last Rules. " Prescribed" or " because prescribed" or perhaps " while may be prescribed" used in this document means the Rules since may be finalized by the CG. Content Chapter I -Preliminary (1 - 2)
Part II -Incorporation of Firm and Things Incidental Thereto. Chapter 3 -Prospectus and Allotment of Securities (23 - 42). Chapter IV -Share Capital and Debentures (43 -- 72).
Chapter V -Acceptance of Deposit by Corporations (73 -- 76).
Section VI -Registration of Costs (77 -- 87)
Part VII -Management and Supervision (88 - 122)
Section VIII -Declaration and Payment of Dividend (123 - 127) Part IX -Accounts of Businesses (128 - 138)
Chapter X -Audit and Auditors (139 -- 148)
Phase XI -Appointment and Skills of Owners (149 -- 172) Phase XII -Meetings of Panel and its Powers (173 - 195)
Chapter XIII-Appointment and Remuneration of Bureaucratic Personnel(196-205) Phase XIV -Inspection, Inquiry and Investigation(206 - 229) Part XV -Compromises, Arrangements and Amalgamations (230 - 240) Chapter XVI-Prevention of Oppression and Mismanagement (241 - 246) Part XVII-Registered Valuers (247)
Section XVIII-Removal of Name of companies from the Register of Companies(248-252 Chapter XIX-Revival and Rehabilitation of Sick Firms (253 -- 269) Chapter...