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Frequently Asked Questions (FAQs)
What is the significance of the Companies Act, 2013 compared to the Companies Act, 1956?
−The Companies Act, 2013 introduced a modern framework for corporate governance in India, replacing the outdated Companies Act, 1956. It emphasizes transparency, accountability, and ease of doing business. Key improvements include:
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Introduction of One Person Company (OPC) to promote entrepreneurship.
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Mandatory Corporate Social Responsibility (CSR) for eligible companies.
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Stronger auditor and director accountability, with clear roles and penalties.
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E-governance and simplified compliance, making company operations more tech-friendly.
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Enhanced protection for minority shareholders and investor interests.
Overall, the 2013 Act aligns Indian corporate law with international standards and supports economic growth through better regulation and innovation.
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