Difference between Companies Act 2013 vs Companies Act 1956
Companies Act 2013
Companies Act 1956
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
Formats of Financial Statement
Maximum No of Partners
As per rules, subject to Max 100.currently is 50 .
10 in banking business and 20 in any other business.
Max Shareholders in Pvt Ltd Company
200 excluding past and present employees
50 excluding past and present employees
One Person Company (OPC)
Company which has only one person (natural person) as its member
Did not exist
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.
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
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.
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.
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.
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