N.D. Kapoor's Elements of Company Law
This new, thoroughly revised edition of Elements of Company Law, like its earlier editions, presents the fundamental principles of Company Law in a simple and easily comprehensible manner. The book has been updated in accordance with the various changes introduced in the Companies Act, 2013, e.g.,
- The Companies Act, 2013, has dispensed with prior approval of the Central Government on most of the matters related to administration and governance of companies and left them to be decided by the Board of Directors and/or by the shareholders, thereby promoting self-regulation.
- The Companies Act, 2013, has introduced the concept of key managerial personnel like Chief Executive Officer (CEO), Company Secretary and Chief Financial Officer.
- The composition of the Board of certain class of companies shall have at least one woman director.
- A Corporate Social Responsibility (CSR) committee shall be constituted to formulate the CSR policy for the company.
- Under the Companies Act, 2013, it has now become compulsory to have one-third of the Board members as Independent Directors for listed and certain big public companies.
- A new category of companies, namely One-Person Companies, has been introduced which will be private limited in nature. This will enable the sole proprietorships to convert themselves into companies and avail the benefits of corporate law.
- The interests of depositors have been protected by rationalising the law of acceptance by deposits.
- There is now a provision for class action suits giving right to different members as a class to proceed against the company or auditor firm.
- For the first time, The Insolvency and Bankruptcy Code, 2016, has been extensively dealt with. This Code provides a strong insolvency framework where the cost and time incurred is minimised. This Code is a one-stop solution for resolving insolvencies in a shorter and economically viable method. Consequently, Sections 314 to 323 of the Companies Act, 2013, dealing with provisions relating to “Voluntary Winding Up” have been omitted with the enactment of the Insolvency and Bankruptcy Code, 2016.
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