MANAGEMENT

Detailed explanation-1: -The Ministry of Corporate Affairs (MCA) has appointed May 29, 2015 as the date for commencement for most provisions of the Amendment Act.

Detailed explanation-2: -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-3: -Haney“A company is an artificial person created by law, having separate entity, with a perpetual succession and common seal.”Note: ‘Common Seal’ part of the above definition does not hold valid now as the common seal has been made optional by the Companies (Amendment) Act, 2015.

Detailed explanation-4: -As per notification of the Ministry of Corporate Affairs (MCA), the Companies Act of 1956 was repealed from 30th January 2019. The Companies Act 2013 replaced the Companies Act, 1956. The Companies Act of 1956 was amended many times after it came into force.