Page 33 - Banking Finance June 2017

ARTICLE

THE COMPANIES

ACT

Being a Game changer

T he companies Act is a stock short title used for quires or may need to govern a company. It mentions what

legislation in India, Malaysia, South Africa, and
type of companies their differences, constitution , manage-
the United Kingdom in relation to company law.
ment, members, capital, how should the shares should be
Company law- it means a group of person who
took their need together. In India laws relating to compa- issues, debentures, registration of charge, at the end of the
act it concludes about the winding up of a company, discuss-
nies are contained in the Companies' Act 1956. The Compa- ing the situations a company needs to be winded up. The
nies Act 1956 is administered by the Government of India ways it should be done by volunteer or through courts. Since
through the Ministry of Corporate Affairs and the Offices of its commencement, it was amended many times, in which
Registrar of Companies, Official Liquidators, Public Trustee, amendment of 1988, 1990, 1996, 2000, 2011and 2013 were
Company Law Board, Director of Inspection, etc. The Act is notable.
658 sections long.
Provisions of the Act
The Act contains provisions about Companies, directors of
the companies, memorandum and articles of associations, Article 3 of the act describes the definition of a company,
etc. This act states and discusses every single provision re- the types of companies that can be formed e.g. public, pri-
vate, holding, subsidiary, limited by shares, unlimited etc.
About the author Further on in Article 10 E it explains about the constitution
of board of company, it explains the companies' name, the
Rishi Srivastava jurisdictions, tribunals, memorandums and the changes that
Senior Manager(Faculty)
Union Bank Of India, can be made. Article 26 and further on explains about the
Staff Training Centre article of association of the company which a very impor-
Lucknow. tant part when forming a company and various amendments

BANKING FINANCE | JUNE | 2017 | 33

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