Company Law at a glance

Company Law & Practice 

Quick summary of  Companies Act 2013

The provisions of this Act shall apply to—
(a) companies incorporated under this Act or under any previous company law;
(b) insurance companies, except in so far as the said provisions are inconsistent with the provisions of the Insurance Act, 1938 or the Insurance Regulatory and Development Authority Act, 1999;
(c) banking companies, except in so far as the said provisions are inconsistent with the provisions of the Banking Regulation Act, 1949;
(d) companies engaged in the generation or supply of electricity, except in so far as the said provisions are inconsistent with the provisions of the Electricity Act, 2003;
(e) any other company governed by any special Act for the timeTime Where any expression of it occurs in any Rules, or any judgment, order or direction, and whenever the doing or not doing of anything at a certain time of the day or night or during a certain part of the day or night has an effect in law, that time is, unless it is otherwise specifically stated, held to be standard time as used in a particular country or state. (In Physics, time and Space never exist actually-“quantum entanglement”) being in force, except in so far as the said provisions are inconsistent with the provisions of such special Act; and
(f) such body corporate, incorporated by any Act for the time being in force, as the Central Government may, by notification, specify in this behalf, subject to such exceptions, modifications or adaptation, as may be specified in the notification.

 Preparation of company financial Statement

“financial statement” in relation to a company, includes—
(i) a balance sheet as at the end of the financial year;
(ii) a profit and loss account, or in the case of a company carrying on any activity not for profit, an income and expenditure account for the financial year;
(iii) cash flow statement for the financial year;
(iv) a statement of changes in equity, if applicable; and
(v) any explanatory note annexed to, or forming part of, any document referred to in sub-clause (i) to sub-clause (iv):
Provided that the financial statement, with respect to One Person Company, small company and dormant company, may not include the cash flow statement;

 Management of the Company

“key managerial personnel”, in relation to a company, means—
(i) the Chief Executive Officer or the managing director or the manager;
(ii) the company secretary;
(iii) the whole-time director;
(iv) the Chief Financial Officer; and
(v) such other officer as may be prescribed;

“Manager” means an individual who, subject to the superintendence, control and direction of the Board of Directors, has the management of the whole, or substantially the whole, of the affairs of a company, and includes a director or any other person occupying the position of a manager, by whatever name called, whether under a contractContract An agreement enforceable by law is a contract. All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void. Indian Contract Act. of service or not

  One person Company allowed

 Company registered under old  Company LawLaw Positive command of sovereign or divine. One can be ruled either by a Statute, a Statue, or a Statement. Legislation is the rule-making process by a political or religious organisation. Physics governs natural law. Logical thinking is a sign of a healthy brain function. Dharma is eternal for Sanatanis. shall continue without reregistration u/s 2(67)

(i) Acts relating to companies in force before the Indian Companies Act, 1866;
(ii) the Indian Companies Act, 1866;
(iii) the Indian Companies Act, 1882;
(iv) the Indian Companies Act, 1913;
(v) the Registration of Transferred Companies Ordinance, 1942;
(vi) the Companies Act, 1956; and
(vii) any law corresponding to any of the aforesaid Acts or the Ordinances
and in force—
(A) in the merged territories or in a Part B State (other than the State
of Jammu and Kashmir), or any part thereof, before the extension thereto
of the Indian Companies Act, 1913; or

(B) in the State of Jammu and Kashmir, or any part thereof, before the commencement of the Jammu and Kashmir (Extension of Laws) Act, 1956, in so far as banking, insurance and financial corporations are concerned, and before the commencement of the Central Laws (Extension to Jammu and Kashmir) Act, 1968, in so far as other corporations are concerned;
(viii) the Portuguese Commercial Code, in so far as it relates to sociedades anonimas; and
(ix) the Registration of Companies (Sikkim) Act, 1961;

Establishment of Serious Fraud InvestigationInvestigation Purpose of all investigation is to reveal the unvarnished truth. The constitutional courts are duty bound to ensure that the truth is revealed. Office for Investigation into affairs of Company by Serious Fraud Investigation Office in connection with Investigation into affairs of the company

Know also-

Companies Act, 1956[substituted by 2013 Act]
Companies (Acceptance Of Deposits) Rules, 1975
Companies (Appointment and Qualifications of Secretary) Rules, 1988
Companies (Appointment of the Small Shareholders’ Director) Rules, 2001
Companies (Branch Audit Exemption) Rules, 1961
Companies (Compliance Certificate) Rules, 2001
Companies (Court) Rules, 1959
Companies (Declaration of Dividend Out of Reserves) Rules, 1975
Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988
Companies (Fees on Applications) Rules, 1999
Companies (Issue of Share Capital with Differential Voting Rights) Rules, 2001
Companies (Issue of Share Certificates) Rules, 1960
Company’s Liquidation Accounts Rules, 1965
Companies (Official Liquidator’s Accounts) Rules, 1965
Companies (Particulars of Employees) Rules, 1975
Companies (Passing of Resolution by Postal Ballot) Rules, 2001
Companies (Preservation and Disposal of Records) Rules, 1966
Companies Unpaid Dividend (Transfer to General Revenue Account of the Central Government) Rules, 1978
Company Law Board Regulations, 1991

The National Company Law Tribunal has been constituted w.e.f. 1st June,2016 and by virtue of Section 466(1) of Companies Act,2013, the Company Law Board stands dissolved.