Companies Act 1956

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` ` ` ` Growth of industry and commerce in Britain led to formation of organization wherein, individuals pooled their capital and had liabilities in proportion to their respective stocks. Companies were formed by the Act of Parliament. First one was the Bank of England (1694) Formation of companies was regularized by the Joint stock Companies Act in1884. It was replaced by Limited Liabilities Act in 1855. In 1862 in Britain, it was amended and renamed as Companies Act. The concept of private
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  ` Growth of industry and commerce in Britain led toformation of organization wherein, individuals pooledtheir capital and had liabilities in proportion to their respective stocks. ` Companies were formed by the Act of Parliament.First one was the Bank of England (1694) ` Formation of companies was regularized by the Jointstock Companies Act in1884. It was replaced byLimited Liabilities Act in 1855. ` In 1862 in Britain, it was amended and renamed asCompanies Act. The concept of private company wasintroduced in 1907.  ` Introduced by the British in India in 1850 as the JointStock Companies Act (based on the same act of Britain) ` The first comprehensive Act known as the IndianCompanies Act was passed in 1913. `  After independence, some immediate amendmentswere made in 1951. a committee was formed under the chairmanship of Mr. C.H. Bhabhato make a reporton future company legislation. ` Based on its report, the Companies Act of 1956 wasmade effective from 1/4/1956.  ` The Companies Act of 1956, consisted of 713 sections, 12 schedules and innumerable sub-sections. ` 20 amendments have been made so far in the Act.The amendments of 1960, 1969 and 1974 are themost significant ones. ` In 1977, SacharCommittee was appointed to toreporton the changes required in the Act. ` In 1988, further amendments were made by theGovernment based on its experience of the working of the Act and the recommendations of the Sachar Committee.
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