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Questions and Answers
What is the purpose of the Companies Act, 2013?
What is the purpose of the Companies Act, 2013?
- To consolidate and amend the law relating to companies (correct)
- To establish guidelines for taxation
- To regulate the stock market
- To govern international trade agreements
When did the Companies Act, 2013 receive the assent of the Hon’ble President of India?
When did the Companies Act, 2013 receive the assent of the Hon’ble President of India?
- 1st April 2014
- 29th August 2013 (correct)
- 12th September 2013
- 30th August 2013
How many sections does the Companies Act, 2013 contain?
How many sections does the Companies Act, 2013 contain?
- 300 sections
- 200 sections
- 600 sections
- 470 sections (correct)
How many chapters does the Companies Act, 2013 have?
How many chapters does the Companies Act, 2013 have?
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When was Section 1 of the Companies Act, 2013 enforced?
When was Section 1 of the Companies Act, 2013 enforced?
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Study Notes
- The Companies Act, 2013 is an Indian law consolidating and amending companies-related legislation.
- Necessitated by changes in economic environment and for economic expansion, it received the President's assent on August 29, 2013, and was notified on August 30, 2013.
- Different enforcement dates were appointed for various provisions of the Act through notifications.
- The Act contains 470 sections and seven schedules, divided into 29 chapters with at least one set of Rules each.
- The Act came into force in parts starting from September 12, 2013, and continues to be enforced incrementally.
- The legislation is rule-based, meaning it defines rules and regulations for companies to follow.
- The Companies Act, 2013 aims to meet the needs of the changing national and international economic context and promote the growth of the Indian economy.
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Test your knowledge about the preliminary learning outcomes of Chapter 1 in the Companies Act, 2013. Explore the extent and commencement of the act, its application, and the definition clause.
