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Indian Parliament and the 2013 Companies Act

             The corporate sector in India continues to expand at a fast rate. There are close to a million companies in the country who have registered and are looking far beyond domestic boundaries to acquire funds in both financial and human aspect so as to merge with foreign companies. Foreign investors also look towards India as a viable and attractive destination for investment. In such a situation, it becomes the responsibility of the government to provide an effective legally structured environment for corporates. The financial development of any nation depends on strong investor protection and good governance.
             Companies Act, 2013 is an Act of the Parliament of India which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. The 2013 Act is divided into 29 chapters containing 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules. It is a landmark legislation with far-reaching consequences on all companies incorporated in India replacing the old Companies Act, 1956. The New Companies Act, 2013 makes comprehensive provisions to govern all listed and unlisted companies in the country. The New Companies Act, 2013 is partially made effective w.e.f. 12th September, 2013, by way of implementing 98 Sections and repealing the relevant sections corresponded with Companies Act, 1956. .
             N.R. Naryana Murthy on Corporate Governance "Corporate Governance is the application of best Management practices, Compliance of law in true letter and spirit and adherence to ethical standards for Effective Management and distribution of wealth and discharge of social Responsibility for sustainable development of all stakeholders" .
             The term Corporate Governance occupies the mind space of the government, regulators, corporates, market, boards, employees, investors and almost the entire society showing its all-pervasive characteristic.

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