if we have lots of acts already for the company law then what's the need for a new act??? why and when it happens? ...can anybody explain.
2 Replies
Ashish Ranjan
(Chartered Accountant in Practice)
(188 Points)
Replied 10 January 2014
The companies act 1956 was made long back when there were completely social and economic environment as compared to today. Hence the companies act 1956 had become obsolete to a large extent and .was unable to cater to todays needs. There had been many amendments to try and sync with the rapidly changing scenario but then it was felt that to fully achieve the desired objective a completely new set of rules would be needed. So this gave birth to companies bill 2012 now known as companies act 2013.
Hope it helped.
Ashish Ranjan
(Chartered Accountant in Practice)
(188 Points)
Replied 10 January 2014
Read the second line as " back when there were completely different social and economic environment"
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