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Gopika Juneja, Lovely Professional University Unit 1: Nature of the Companies Act, 1956

Unit 1: Nature of the Companies Act, 1956 Notes

CONTENTS
Objectives
Introduction

1.1 Extent, Application and Scheme of the Act
1.1.1 Extent of the Act
1.1.2 Application of the Act

1.1.3 Non-applicability of the Act
1.1.4 Scheme of the Act
1.2 Company Law Administration
1.2.1 The Central Government (s.637)
1.2.2 Constitution of Board of Company Law Administration

1.2.3 National Advisory Committee on Accounting Standards
1.2.4 The Securities and Exchange Board of India
1.2.5 Official Liquidator

1.2.6 Advisory Committee
1.2.7 Courts
1.3 Some Important Definitions
1.4 Summary
1.5 Keywords

1.6 Review Questions
1.7 Further Readings

Objectives

After studying this unit, you will be able to:

Define application and scheme of the Company Act;
Explain Company Law administration;
Describe other specific definitions related to Company Act.

Introduction

The subject of company law is codified in the Companies Act, 1956. The basic concepts of company
law are incorporated in the Act. The Act is a formidable document, containing a large number of
Sections and Schedules. It provides a broad legal framework for the operation of companies
registered under the Act.

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