15 Questions
What is the purpose of the Companies Act, 2013?
To consolidate and amend the law relating to companies
When did the Companies Act, 2013 receive the assent of the Hon’ble President of India?
29th August 2013
How many sections and schedules does the Companies Act, 2013 have?
470 sections and seven schedules
When did Section 1 of the Companies Act, 2013 come into force?
30th August 2013
What did the preliminary chapter of the Act cover?
Short title, extent and commencement
What necessitated the legislation of the Companies Act, 2013?
Changes in the national and international economic environment
What is the short title of the Act mentioned in Section 1 of the Companies Act, 2013?
Companies Act, 2013
According to the Companies Act, 2013, to which entities do the provisions of this Act apply?
Companies incorporated under this Act or under any previous company law
What does 'extent' refer to in Section 1 of the Companies Act, 2013?
Scope of applicability of the Act
When does Section 1 of the Companies Act, 2013 come into force?
At once
Which entities are excluded from the applicability of the Companies Act, 2013 if their provisions are inconsistent with other specific acts?
Insurance companies and banking companies
What does 'PRELIMINARY' signify in Section 1.3 of the Companies Act, 2013?
Basic introduction to the Act
When did ABC Ltd. become subject to the Companies Act, 2013 according to Example 1?
$2013-01-01$
What does Section 1.4 of the Companies Act, 2013 deal with?
Corporate and other laws
According to Section 1.4, who can specify exceptions, modifications or adaptations for a body corporate incorporated by any Act for the time being in force?
Central Government
Study Notes
Overview of the Companies Act, 2013
- The Companies Act, 2013 received the assent of the Hon'ble President of India on August 29, 2013.
- The Act consists of 470 sections and 7 schedules.
Commencement and Applicability
- Section 1 of the Companies Act, 2013 came into force on September 12, 2013.
- The Act applies to companies incorporated under this Act and to existing companies.
- The provisions of this Act apply to companies, body corporate, cooperative societies, societies registered under the Societies Registration Act, and any other entity as may be notified by the Central Government.
Key Definitions and Exclusions
- The short title of the Act is "The Companies Act, 2013".
- The term "extent" in Section 1 refers to the whole of India.
- Entities excluded from the applicability of the Companies Act, 2013 are those whose provisions are inconsistent with other specific acts.
- A body corporate incorporated by any Act for the time being in force can have exceptions, modifications, or adaptations specified by the Central Government.
Preliminary Chapter
- The preliminary chapter of the Act covers the title, extent, commencement, and application of the Act.
- The Act was necessitated to facilitate business and economic growth in India.
Miscellaneous
- 'PRELIMINARY' in Section 1.3 of the Companies Act, 2013 signifies the preliminary provisions of the Act.
- Section 1.4 of the Companies Act, 2013 deals with the application of the Act to companies incorporated outside India.
Test your understanding of the preliminary learning outcomes of Chapter 1 of the Companies Act, 2013. This quiz covers the extent and commencement of the Act, its application, and the definition clause.
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