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The history of the Indian Company Law started with the Joint Stock Companies Act,1850. Thereafter, a process that is cumulative of amendment and consolidation brought us to the comprehensive and complicated piece of legislation, the Companies Act, 1956. The Companies Act, 2013 has replaced the Companies Act, 1956 to date. The Act that is brand new has 470 sections and 7 schedules as compared to the 658 sections and 15 schedules of the 1956 Act. An organization is just a “corporation” – an individual that is synthetic by law. A being that is human being a “natural” person. An organization is just a “legal” individual. A company therefore has rights and obligations in the manner that is exact same a natural person does.
Company law (also referred to as company legislation or enterprise law or often ongoing Company law) may be seen as the human anatomy of law regulating the legal rights, relations, and conduct of persons, Companies, organizations and businesses. The Central Government has notified the constitution of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) on 1st June, 2016 the phrase ‘Company’ is an amalgamation for the Latin term ‘Com’ meaning “with or together” and ‘Pains’ meaning “bread”. Initially, it known a mixed band of individuals who took their dishes together. A Company is nothing but a number of people who have get together or that have contributed cash for some person that is typical who possess incorporated themselves right into a distinct legal entity in the form of a company for that function. On incorporation under legislation, a company turns into a distinct legal entity as compared to its members. The company is distinct and different from its people in law. It has its own title and own seal, its assets and liabilities are separate and distinct from those of its members. It’s with the capacity of owning property, incurring debt, borrowing cash, having a bank account, hiring people, stepping into agreements and suing and being sued separately. The obligation associated with the known users associated with company is limited to share to their assets regarding the company up to the face value of shares held by him. An associate is liable to cover only the amount that is uncalled on stocks held by him when contacted to pay and absolutely nothing more, even if liabilities of this business far surpasses its assets. The creditors can force the partners to make good the deficit from their individual assets on the other hand, partners of a partnership firm have unlimited liability in other words if the assets of the company are not adequate to cover the liabilities for the firm. This may not be done in case of a company once the members have compensated each of their dues towards the stocks held by them in the company.