MANAGEMENT

Detailed explanation-1: -Companies Act 2014 – No. 38 of 2014 – Houses of the Oireachtas.

Detailed explanation-2: -Part 14 of the Act codifies the law relating to compliance and enforcement of company law and it mainly re-produces existing provisions under company law. However, there are a few significant changes to note. For the first time, company law offences are classified, according to their gravity, into four categories.

Detailed explanation-3: -The Act came into effect on 1 June, 2015. Set out in 25 Parts, 1, 448 sections and 17 Schedules, the Companies Act 2014 provides for a number of different company types and provides for company incorporation, everyday administration and management, to winding up and dissolution.

Detailed explanation-4: -1. The Companies Act 1956 was enacted on the recommendations of the Bhaba Committee set up in 1950 with the object to consolidate the existing corporate laws and to provide a new basis for corporate operation in independent India.

Detailed explanation-5: -It sets out the structure and defines terms which are used throughout the Act. Part 2 makes provision for the incorporation and registration of the new model private company limited by shares (the “new LTD company”) and provides that any one or more persons may form such a company.