The Monday 5th August 2019 witnessed a powerful and joyful celebration of Indian Unity and also an unfortunate revelation of various misconceptions of minds of thousands of Indians. Social media witnessed the flow of social and legal bias established by the most lethal weapon of human history – the half-knowledge. Soon, overflowing sentiments overpowered the knowledge, understanding and interpretation even of well dignified professional minds.
A section of professionals claimed that the Indian Companies Act, 2013 shall now be applicable to state (now Union Territory) of Jammu and Kashmir. Strange!!
We will try to remove the misconception of mind here.
Association for Democratic Reforms and another vs. Union of India
and others is a very important decision not only because it came at the eve of Indian General Elections, not only because two powerful parties Indian National Congress and Bhartiya Janata Party are accused; but also because it comes on the eve of Indian transition on companies law. The decision is a result of a writ Petition and we can find original decision here. Before going to the decision, I refer relevant legal provisions here.
Posted in Chapter XII - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility, Truth of Our Time
Tagged Bhartiya Janata Party, BJP, Companies Act 1956, Companies Act 2013, Foreign Companies, Foreign Contribution Regulation Act 1973, Foreign source, INC, Indian National Congress, Sesa, Sterlite, Vedanta Inc
On 30th August 2013 (Bhadrapada 8, 1935 Saka), Ministry of Law and Justice issued a notification regarding the Companies Act, 2013 immediately after it received assent of President of India. Only section 1 of the Act of 2013 came into effect from that day. Section 1 as usual deals with short title, Extent, commencement and application.
Earlier Act of 1956 was applicable to whole of India with some modification related to Indian State of Nagaland, but not applicable Indian state of Sikkim. Act of 2013 is applicable to whole of India including Sikkim and without any exception to any state. Sub – section 4 of Section 1 of Act of 2013 lists out some exception regarding particular classes of companies. However, Act of 2013 is not made effective to Sikkim as on 12th September 2013.
Posted in Chapter I - CA2013, Companies Act 2013, CorpGov, CSR, Governance and Responsibility
Tagged Appellate Tribunal, Central Government, Companies Act, Companies Act 1956, Companies Act 2013, Companies Bill 2012, CorpGov, CorpLaw, Corporate Affairs Ministry, Corporate Governance, Corporate Law, General Meeting, India, Indian Depository Receipt, Legal Reforms, Ministry of corporate affairs, National Company Law Tribunal, Public Offer, Reforms, Sikkim, the Registration of Companies (Sikkim) Act