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Difference between Companies Act 2013 vs Companies Act 1956

 Courtesy: https://meraskill.com

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

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  1. Digital Marketing Company in DelhiSeptember 17, 2019 at 2:34 AM

    This is a great article Worth Reading. It gave me a lot of Helpful information.

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