A Comparative Study into The Reforms Introduced By Companies Act 2013

Abstract

Topic of Study- A Comparative study into the Reforms Introduced by Companies Act 2013 newlineResearch problem- Companies Act 2013 which is the prevailing company legislation replaced Companies Act 1956. The Act was notified in the official gazette on 30th August 2013 and thereafter, came into force in a phased manner. The objectives of the Companies Act 2013 was to promote the ease of doing business; to strengthen corporate governance; to reform the company legislation so as to suit the modern business environment and to bring the Indian company legislation at par with the global standards. The previous researchers did not make adequate and detailed comparison of the provisions of Companies Act 2013 with the provisions Companies Act 1956. newlinePurpose of the Research- The purpose of the research was to study the reforms introduced by Companies Act 2013 vis-à-vis Companies Act 1956 by making a detailed comparison between the two Acts. newlineLimitations of The Research- In this research the researcher has studied and compared the provisions of Companies Act 2013 with the provisions of Companies Act 1956 but he has not adequately studied and compared the Companies Act 2013 of India with the company legislations of foreign countries in order to find out whether the 2013 Act has brought Indian company legislation at par with the global standards or not. newlineHypothesis- Companies Act, 2013 is a progressive legislation which promotes better corporate governance and greater ease of doing business as compared to the previous Companies Act, 1956 newlineResearch Methodology- The research was an exploratory study and utilized the doctrinal method to compare the reforms introduced by Companies Act 2013 vis-à-vis Companies Act 1956. newlineFindings- Based on the study the researcher concluded that the stated hypothesis is indeed true. The Companies Act 2013 is standing up to the expectation and through continuous evolution by way of amendments it has been achieving its objectives successfully.