The ‘Companies (Amendment) Act, 2015:A Welcome Change or a Legislation of Lacunae

Authors

  • Sinjini Majumdar National Law University, Jodhpur
  • Sruti Baid The WB National University of Juridical Sciences, Kolkata

DOI:

https://doi.org/10.33516/maj.v50i12.49-55p

Abstract

The Companies Act is considered to be the most basic legislation which regulates the way business activities are to be conducted in this Country. The provisions are expected to be clear and unambiguous so as to ensure the ease of doing business. However, the Companies Act, 2013 was far off the mark. The Act, consisting of 470 Sections, was brought into force in two phases- one in September, 2013 and the other in April, 2014. As a result of this hurried implementation, several loopholes and ambiguities in the Act were left unattended. This created several interpretational and operational difficulties in the corporate sector.

Downloads

Download data is not yet available.

Downloads

Published

2015-12-01

How to Cite

Majumdar, S., & Baid, S. (2015). The ‘Companies (Amendment) Act, 2015:A Welcome Change or a Legislation of Lacunae. The Management Accountant Journal, 50(12), 49–55. https://doi.org/10.33516/maj.v50i12.49-55p

Issue

Volume 50, Issue 12, December 2015

Section

Companies Act
Crossref
Scopus
Google Scholar
Europe PMC

References

The Companies (Amendment) Act, 2015, The Gazette of India, May 26, 2015, available at http://www. indiacode.nic.in/acts-in-pdf/2015/201521.pdf, last seen on 20/09/2015.

S. 2(85), The Companies Act, 2013.

S. 2(62), The Companies Act, 2013.

S. 6(i)(b), The Companies (Amendment) Act, 2015.

S. 177, The Companies Act, 2013.

S. 12, The Companies (Amendment) Act, 2015.

S. 248(1)(b), The Companies Act, 2013.

Ministry of Corporate Affairs, Government of India, Circular No.I.27011/2/2015, available at, http:// www.mca.gov.in/Ministry/pdf/Monthly_Summary_ June_2015.pdf, last seen on 20/09/2015.

Ibid.

S. 2(i), The Companies (Amendment) Act, 2015.

S. 2(ii), The Companies (Amendment) Act, 2015.

S. 4, The Companies (Amendment) Act, 2015.

S. 3, The Companies (Amendment) Act, 2015.

S. 9, The Companies (Amendment) Act, 2015.

S. 16, The Companies (Amendment) Act, 2015.

S. 14, The Companies (Amendment) Act, 2015.

S. 15, The Companies (Amendment) Act, 2015.

S. 13, The Companies (Amendment) Act, 2015.

S. 27(2), The Companies Act, 2013.

S. 164(3), The Companies Act, 2013.

S. 165(1), The Companies Act, 2013.

S. 103, The Companies Act, 2013.

S. 62, The Companies Act, 2013.

S. 187, The Companies Act, 2013.

S. 196, The Companies Act, 2013.

S. 71, The Companies Act, 2013.

S. 2(51), The Companies Act, 2013.

S. 2(59), S. 2(60), S. 2(76), S. 21, S. 67, S. 92, S. 102, S. 141, S. 149,

S. 170, S. 177, S. 178, S. 189, S. 194, S.195, S. 203, S. 209, S. 224, S. 232, The Companies Act, 2013.

S. 149, The Companies Act, 2013.

S. 149(10), The Companies Act, 2013.

S. 149(12), The Companies Act, 2013.

S. 135(1), The Companies Act, 2013.

S. 135(5), The Companies Act, 2013.

An ‘investment company’ has been defined to mean a company whose principal business is the acquisition of shares, debentures or other securities, as per Section 186.

Rishi Shroff, Key Implications of the Companies Act 2013 on Board Room Decision Making, FORBES INDIA, July 10, 2014, available at http://forbesindia.com/article/ real-issue/key-implications-of-the-companies-act-2013on-board-room-decision-making/38170/1, last seen on 20/09/2015.