The Pros And Cons Of The Companies Act 2013

Certain company (Bank, shipping company, insurance company) are exempt from certain company Act requirements and the charge to the auditor is to give an opinion on whether or not the accounts have been properly prepared in accordance with the provision of the company Act

The Doctrine of Separate Personality has been an important aspect in the Company Law for a long time. It had been discussed heavily in the Salomon v Salomon & CO (1987) which was the leading case for this matter (Dine and Koutsias, 2009, p.17). In fact, it may be the most well-known case in the company law. Company law is simply any laws that related to organizations and businesses in the UK. However, the one that established the doctrine of separate personality is not from Salomon case, it simply permitted its application to one-man and private companies (Kelly, Hammer and Hendy, p.356). Under the separate personality is said to be a ‘veil’ that separated between the owners and the business. This veil can actually be pierced whether under a companies legislation or common law. Thus, in this essay there will be discussions about the matter of separate personality and lifting the veil of incorporation with reference of the leading case Salomon v Salomon & CO and other cases that are related.

The powers and duty of the management of the corporation derives from section 198A of the Corporation Act 2001 (Cth) with additional common, tort and statutory law. However, the powers of directors are interpreted to be broad, including making decisions against the majority shareholder’s wishes . The codification of statutory duties is contained in sections 180-184 of the Corporations Act. The duties listed in these sections are interlocked to protect the corporation as a separate legal entity as well as its shareholders.

There is restriction on raising the capital by selling share of the company in Limited company.

Where, upon the commencement of this Act, neither the memorandum nor articles of a company that is a private company by virtue of paragraph (a) of the definition of ‘private company’ in subsection 4(1) contain the restrictions, limitations and prohibitions required by subsection (1) to be included in the memorandum or articles of a company that may be incorporated as a private company, the articles of the company shall be deemed to include each such restriction, limitation or prohibition that is not so included and a restriction on the right to

Company or Corporate law originally was derived from the Common Law of England, but has evolved significantly in the 20th Century. Many countries have forms of business entity unique to their countries. The doctrine of the veil of incorporation was demonstrated From the age long decision of House of Lords in the case of Salomon v. Salomon & Co Ltd (1897) The effect of the House of Lords' unanimous ruling was to uphold firmly the doctrine of corporate personality, as set out in the Company Act (1862) so that creditors of an insolvent company could not sue the company's shareholders to pay up outstanding debts.. The principle behind the veil of incorporation is what is referred to as limited liability that is that a company's creditors can

The Government also got heavily involved and in this period and managed to pass 7 companies acts in a relatively short period of time. Although it was almost two decades before another Companies Act got passed. This act was the Companies Act 2006, which plays a large role in the UKs accounting activities today. According to the Companies Act 2006, accounting standards are: ‘…statements of standard accounting practice issued by such body as may be prescribed by regulations. (Companies Act, 2006)

Corporate Social Responsibility (CSR) is a form of self regulation integrated into the business model of organizations. Organizations have responsibility for the impact of their activities on the society, environment, employees and members of the public sphere which cannot be denied. The progress of the concept of CSR is elevating to the highest pedestal of importance in all aspects of production and business both private and public.CSR is a much known concept in present world and many corporate giants are conversant with it as it provides better synergy returns to the business. Moreover CSR is becoming a very important activity to organizations nationally as well as internationally. The increase in globalization has given birth to large corporations which serve as global providers and have recognised the importance and benefits of providing CSR programs hence CSR activities are now being undertaken throughout the globe. The rationale for CSR is stated in number of ways its core is about building sustainable businesses with healthy communities, markets and economies which again necessitates carrying out CSR activities. The government has declared it compulsory for organizations to be socially responsible (chakraborty 2010).Non government organizations (NGO) are

Abstract: Corporate Social Responsibility (CSR) is now a burning topic in India, which became prominent and most amplified in 2013 when companies were obligated to spend two percent of profit after tax in CSR activities set by the Ministry of Corporate Affairs, Government of India. Although, the concept of CSR is not new in India and has evolved and developed very well from hundreds of years in the form of philanthropy by the big Indian companies through donations into temples and opening schools, colleges and hospitals .In spite of this, there is a lot of confusion between the various terminologies related CSR. Some say it as corporate conscience, corporate citizenship or responsible business[1]. CSR signify different idea in different scenario, regions and time to different people. This paper provides an overview of the CSR concept and two major definitions which are so interlinked and used interchangeably over the time called as Corporate Social Responsibility and Corporate Sustainability .These are two concepts prevalent in Indian Industry which are confounding to managers. Hence, some companies produce only CSR report or a Sustainability report while both of them are supposed to be made separately for the societal benefit. After analyzing the case of Aditya Birla Group, it can be concluded that both are different from each other and CSR is a way to

In 1953, Bowen’s Social Responsibility of the Businessman firstly discusses the idea of corporate social responsibility. He states the relationship between society and corporations. Bowen believed that company needs to be realised the importance of ethically run the businesses are able to achieve superior performance in long run. The concept of CSR is company operate voluntarily to enhances their legal responsibility for the society, which covers many complex areas, including sustainability, charity, human rights, and environmental friendly. For example, the European commission defines CSR as “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholder on a voluntary basis”(European Multistakeholder Forum on CSR, 2004:3). Minimize the harm and any negative impact on our environment and society to obtain sustainability by sharing responsibility between stakeholders is what CSR trying to achieve.

This chapter evaluates the features of disputes related to companies with regard to the Companies Act of 2006. The chapter will also discuss empirical research as well as its findings related to the Companies Act of 2006 coupled with various disputes and arguments related with it. It will include various claims with regard to the nature of such disputes and arguments along with the evidence available. Contemporary literature states that private companies are mostly established based on personal relationships and mutual trust of shareholders. In case there is any breakdown in shareholders’ relationships, then disputes may happen and these are known to be called as “exit disputes”. This literature study will use the term

Abstract:Corporate Social Responsibility (hereafter CSR) is essence in nowadays business since the business is facing new

The Companies Act has undergone changes by amendments of the Companies (Amendment) Act (LXV of 1960), the Companies (Amendment) Act (LII of 1964), (Amendment) Act (XXXII of 1965), the Companies (Amendment) Act (XXXIV of 1966), the Companies (Amendment) Act (XII of 1969), the Companies (Amendment) Act (LXXX

The Companies Bill passed by the Indian Parliament in Aug 2013 is a major overhaul for corporates since the decades old Companies Act 1956.

By section 33 (1) of the Companies Act 1965, the Memorandum of Association and Articles of Association of a company shall, when registered, bind the company and the members of the same extend as if they respectively had been signed