Applicability of the Companies Act, 2013. Which covers the questions like where and whom to applicable?
In simplified language, The Companies Act, 2013 is applicable to India.
There is certain question comes to mind that which type of companies are covered in The Companies Act, 2013.
Those companies already registered in previous companies’ law The Companies Act, 1956. Companies are covered under the company’s acts are:
- Insurance Companies
- Banking Companies
- Companies like generation or supply of electricity
There is certain exception given to above companies if they are registered under certain acts respectively Insurance Act, 1938 or Insurance Regulatory Development Authority Act, 1999, Banking Regulation Act, 1949 and Electricity Act, 2003.
Companies Act, 2013 applicability tried to explain in simple language above but more specifically and precisely as mentioned below.
Section 1, as per the Companies Act, 2013
1. (1) This Act may be called the Companies Act, 2013.
(2) It extends to the whole of India.
(3) This section shall come into force at once and the remaining provisions of this Act shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.
(4) The provisions of this Act shall apply to—
(a) companies incorporated under this Act or under any previous company law;
(b) insurance companies, except in so far as the said provisions are inconsistent with the provisions of the Insurance Act, 1938 (4 of 1938) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
(c) banking companies, except in so far as the said provisions are inconsistent with the provisions of the Banking Regulation Act, 1949 (10 of 1949);
(d) companies engaged in the generation or supply of electricity, except in so far as the said provisions are inconsistent with the provisions of the Electricity Act, 2003 (36 of 2003);
(e) any other company governed by any special Act for the time being in force, except in so far as the said provisions are inconsistent with the provisions of such special Act; and
(f) such body corporate, incorporated by any Act for the time being in force, as the Central Government may, by notification, specify in this behalf, subject to such exceptions, modifications or adaptation, as may be specified in the notification.