Difference between Companies Act 2013 vs Companies Act 1956
|
Sl No |
Point |
Companies Act 2013 |
Companies Act 1956 |
|
1 |
Financial Year |
Companies must have their financial year ending on 31 Mar every year |
Companies were permitted to have financial year ending on a date decide by Company |
|
2 |
Formats of Financial Statement |
Schedule III |
Schedule VI |
|
3 |
Maximum No of Partners |
As per rules, subject to Max 100.currently is 50 . |
10 in banking business and 20 in any other business. |
|
4 |
Max Shareholders in Pvt Ltd Company |
200 excluding past and present employees |
50 excluding past and present employees |
|
5 |
One Person Company (OPC) |
Company which has only one person (natural person) as its member |
Did not exist |
|
6 |
Issue of Share at discount |
Section 53 prohibits issue of shares at a discount However, Section 54 permits issue of ESOPs to its employees at a discount. |
Section 79 permitted issue of shares at a discount. |
|
8 |
Security Premium Reserve |
Utilisation of Securities Premium Reserve is provided in Section 52(2) |
Utilisation of Securities Premium Reserve was provided in Sec 77A and 78 |
|
9 |
Article of Association |
Table F applies where Companies Limited by shares does not adopt their own Articles of Association. |
Table A applied where Companies did not adopt their own Articles of Association. |
|
10 |
Interest in Calls in Arrears |
In the absence of a clause in the Articles of Association, the maximum interest chargeable on Calls-in-arrears is 10% p.a. |
In the absence of a clause in the Articles of Association, maximum interest chargeable on Calls-in-arrears was 5% p.a. |
|
11 |
Interest in Calls in Advance |
In the absence of a clause in the Articles of Association, the maximum interest payable on Calls-in-advance is 12% p.a. |
In the absence of a clause in the Articles of Association, the maximum interest payable on Calls-in-advance was 6% p.a. |
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12 |
Minimum Subscription |
Sec39 a company shall not allot Securities unless the amount stated in the prospectus as minimum subscription has been subscribed & the sum paid |
Sec 69 the requirement of minimum subscription was with respect to Shares only
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