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.

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