is companies act 1956 still applicable??
if yes,
1) why is it so?
2) which all sections are applicable? ( what do these sections relate to?)
Let's discuss this well :
thank-you
Yes, some sections of Companies Act 1956 are still applicable. This is so because the government is yet to set bodies like National Company Law Tribunal and the relevant rules need to be notified. In the absence of this relevant sections of the new Act cannot be implemented. For example, the provisions relating to scheme of arrangement u/s 391-394 of old Act are still applicable since the same are dealt with by High Courts. After NCLT is set up these matters will be dealt with by NCLT and provisions of the new Act will be notified.
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