The Indian Companies Act is inspired from the English Company
law and it has been amended from time to time to bring about changes in the
structure and framework of company law.
In India companies are governed and regulated by the Companies Act, 1956
and the Companies Act, 2013.
The word Company is derived from the Latin word (Com meaning “with or together”; panis meaning bread), and was basically
referred to as association of persons. With the passage of time the word gained
more importance as it denotes joint stock enterprises where capital is
contributed by a number of persons entitled to contribute as per its memorandum
of association and its articles of association.
A company is a body corporate and a legal entity having
status and personality distinct and separate from that of the members
consisting it. It is called a body
corporate as the persons composing it are made into one body by incorporating
it as per the companies act and thus making it a legal person. Similarly the word corporation is derived
from the Latin term “corpus” meaning ‘body’.
Hence “corporation” or “body corporate” is a legal person created by
special process of law. It is for this
reason sometimes called artificial legal person. As a legal person, a
corporation is capable of enjoying may rights and liabilities of a natural
person. The incorporated company / body
corporate owes its existence either from specific company legislation or
special acts of parliament. For example
in India the new Companies Act, 2013 or the special act of parliament like the
Life Insurance Corporation of India Act.
Read More : http://www.nclt.in/act.php
Read More : http://www.nclt.in/act.php
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