NEW COMPANY ACT-2012 . NEED ONLY PRESIDENT''S NOD.

NEW COMPANY"S ACT-2012.

After almost more then 55 years of the Companies Act-1956 a new draft is ready to overhaul the old one. One has rightly apt change is the only permanent in this dynamic world. Though bit late but thanks God that it has passed from Rajya Sabha and will needed president's node and notification by companies Affairs' ministry.

The old story of companies Act will come to end. The act has many faults within itself and was not enough strong to small investors. The act was amended 25 times to make it fit for social and economical reforms but it is on final breaths now. India may got Companies Act-2012 this year itself.

All universities and teachers and scholars have to act fast to make it fit for their universities respectively. Till now we have learnt that in a man can not form company.

BUT NOW THIS ACT WILL GIVE LIBERTY TO FORM ONE MAN COMPANY.

PRIVATE COMPANIES HAVE 200 MEMBERS NOW INSTEAD OF 50 WHAT WE HAVE LEARNT TILL NOW.

PUBLIC LTD COMPANIES WILL NEED 5 MEMBERS TO START INSTEAD OF 7 MEMBERS.

ANY COMPANIES CAN NOT GIVE MORE THEN 5% PROFIT AS SALARIES TO ITS MANAGEMENT.

APART FROM THAT THE ACT WILL MAKE COMPANIES MORE SOCIAL RESPONSIBLE AND THERE ARE MANY ANTI-FRAUD MEASURES THAT WILL GRAB THE CULPRITS AND WILL SEND THEM BEHIND THE BAR.

One can watch the discussion on CNBC-AWAAZ- (date. 8/8/13) May be available on you tube.

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