In place of the Companies Act 1956, a new Companies Bill was presented and approved in Lok Sabha on 18th December 2012 and in Rajya Sabha on 8th August 2013. On 29th August 2015, the Hon’ble President of India gave his assent to this bill, and Company Act 2013, came into existence. This Act contains 29 chapters, 470 sections and 7 schedules. This act is considered to be landmark legislation in the corporate world.
