Administration
History of Companies Act in
world
1319 Company of Merchants of the Staple of England
1407 Company of Merchant Adventurers of London
1553 Company of Merchant Adventurers to New Lands
1555 Muscovy Company
1577 Spanish Company
1579 Eastland Company
1581 Turkey Company
1588 Morocco Company
Joint-stock companies were similar to modern corporations that sell
stock to investors in order to pool resources like capital, or money,
together for new product development, research, etc. All of this was
done with the goal to make a profit and reward investors with increased
share prices of their stock. Joint-stock companies were used by English
merchants in the 17th century (which is the 1600s) to pool capital and
share the risks associated with trading voyages to Asia and Africa.
1600 East India Company
1604 New River Company
1605 Levant Company
1606 Virginia Company
1609 French Company
1610 London and Bristol Company
1616 Somers Isles Company
1629 Massachusetts Bay Company
1629 Providence Island Company
16641674 Royal West Indian Company
1670 Hudson's Bay Company
1672 Royal African Company
1693 Greenland Company
Company legislation in India
1600:- (East India company)
1606:-Joint Stock Company established- Granted a charter by King
James I in 1606, the Virginia Company was a joint-stock company
created to establish settlements in the New World.
1844:-The Joint Stock Companies Act (Act of the Parliament of the
United Kingdom that expanded access to the incorporation of joint-
stock companies. Before the Act, incorporation was possible only by
royal charter or private act and was limited owing to Parliament's
jealous protection of the privileges and advantages thereby granted.
As a result, many businesses came to be operated as unincorporated
associations with possibly thousands of members)
1850:- Joint Stock Company Act- the first law on 'registration of joint
stock companies' was enacted in India which was based on the
English Companies Act of 1844 known as the Joint Stock Companies
Act, 1844.
1855:- The Limited Liability Act 1855 was an Act of the Parliament of
the United Kingdom that first allowed limited liability for corporations
that could be established by the general public in the UK
1856:- English Companies Act- The Joint Stock Companies Act 1856
was a consolidating statute, recognised as the founding piece of
modern United Kingdom company law legislation
1857:- concept of Limited Liability- The principle of limited liability
was recognized in India by virtue of the Joint Stock Companies
Act, 1857 which was passed following the English law, the Joint
Stock Companies Act, 1856.
1862- Corporate personality- Salomon Vs Salomon Ltd.
1866:- Indian Companies Act, - laws relating to incorporation
,regulation and winding up
1882:- Indian Companies Act, (Amendment)- Distribution of capital,
liability of members, management and administration and winding
-up.
1913:- Indian Companies Act, (Amendment)- Extension of earlier act.
1936:- Indian Companies Act, (Amendment)- Extension of earlier act.
1942:- The Registration of Transfer Ordinance
1950:- HC Bhaba Committee was appointed to have a study of
company law in India.
1956:- The Indian Companies Act was formed on the
recommendations of the above committee
After 1956 ,amendments were made in the following years:-
1960,1965,1974,1977,1988,1996,1999,2000,2001,
2002,2006,2008,2012.
Features
29 chapters
470 sections
7 schedules
Various chapters of the 2013 Companies Act.
Part I - Preliminary ( Section 1 - 2 )
Part II - Incorporation of company and matters incidental thereto(Section 3-22)
Part III - Prospectus and allotment, and other matters relating to issue of shares or debentures
( Section 23-42)
Part IV - Share capital and debentures ( Section43-72)
Part V - Acceptance of deposits by companies (Section 73-76)
Part VI - Registration of charges ( Section 77-87 )
Part VII -Management and administration(Section 88-122)
Part VIII- Declaration and Payment of Dividend (Section 123-127)
Part IX Accounts of companies ( Section 128-138)
Part X Audit and Auditor ( Section 139-148)
Part XI Appointment and Qualification of directors ( Section 149-172)
Part XII Meeting of Board and its powers ( Section 173-195)
Part XIII- Appointment and remuneration of managerial personnel ( Section 196-205)
Part XIV- Investigation, inspection and Inquiry ( Section 206-229)
Part XV Compromise, Arrangements and Amalgamations ( Section 230-240)