What are the rules regarding the preparation and presention of the final account componies act,1956? Explain?
Answers
A Brief History of The Companies Act In India, various Acts relating to Companies have been passed at different times. They are – 2) Registration of Joint Stock Companies , 1850. 3) Registration of Joint Stock Companies , 1857. 4) Registration of Joint Stock Companies , 1860. 5) And thereafter in 1882 ,1895,1910 & in 1913 the Acts relating to Companies were passed. All these Companies Acts followed the English Companies Acts with necessary modifications, suitable to Indian Conditions. However, The Companies Act of 1913 remained in force till 1956. After the Second World War, it was felt that the Companies Act , 1913 was inadequate to
3. Continued . . . deal with the various problems of Indian industrial as well as business organisations which were growing more complex with the passage of time. Therefore, the Government of India appointed a Committee under the Chairmanship of Mr. C.H.Bhaba in 1950. And thus as a result the Companies Act of 1956 came into force. Later on this Act was amended extensively on the recommendations of Sachar Committee Report. And thus the Companies (Amended) Act of 1988 is made applicable. Even after that certain provisions of the Act have been modified. At present, The Govt. is thinking to amend the Act thoroughly and bring a new form of this Act suitable to the new scenario. The Companies Act, 1956 extends to the whole of India [Section 1 (3) ] .