Company Bill High Lights By ICAI

Statistics

WHY A NEW LAW WAS NEEDED?
 The changing national and international economic environment
 Exponential growth of the Indian economy
 Changes in the stakeholders’ expectations
 Manifold Increase in Number of Companies
Year No. of Companies
1956 30,000 approx
2013 11,00,000 approx
The need of a legal framework was felt to enable the Indian corporate sector to adopt the
best international practices in a globally competitive manner, fostering a positive
environment for investment and growth
Companies Bill 2012 was passed by Lok Sabha on 18th December, 2012 and subsequently,
was passed by the Rajya Sabha on 8th August, 2013.
The bill comprises of 29 chapters, 470 Clauses with 7 Schedules as against 658 sections and
14 Schedules in the Companies Act, 1956
Substantively a law based on Rules (as may be prescribed).
In 470 Clauses the word “as may be prescribed” has been used at around 336 places.

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