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Passed Companies bill 2013 highlights & details

Updated on October 29, 2013
 
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The Ministry of Corporate Affairs has revised the Companies Act, 1956 in the form of the Companies Bill, 2011 and it was introduced in Parliament on Wednesday, 14th December 2011.
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The Companies Bill,2011 was approved by the cabinet with certain modifications in the starting of October, 2012. This bill is expected to be presented in Lok Sabha during the winter session of 2012.
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The Bill has 470 clauses and 7 schedules as against 658 Sections and 15 schedules in 29 Chapters in the Act.
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Concept of E-governance in all company processes is introduced vide Clause 120.
 
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Now "One Person Company" can be formed under Clause 3.
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Concept of Independent Directors has also been introduced for the very first time vide Clause 149.
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Board Meeting can now be done electronically i.e. on video conference etc.
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Mandatory Rotation of auditors (opportunity for new entrant in industry) vide Clause 139.
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Secretarial Audit and Secretarial Standards and statutory recognition is provided under Clause 204, 118(10) and 205 respectively.
 
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Earlier duties of auditors were defined but now in the Bill, the duties of director have been defined under Clause166.
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Concept of Corporate Social Responsibility is defined now.
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Concept of Dormant Company has been introduced.
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Statutory Status to the Serious Fraud Investigation has been defined.
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Protection to small investor.
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Limit on maximum number of members of private company increased to 200 from 50 [Clause 2(68)]

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