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Liberalized Provisions- a sigh of relief
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Posted on:
25/01/2014
In the Companies Act 2013, many provisions have been relaxed as compared to the existing provisions benefiting different sections of the industry. In this article, we have attempted to identify and put at one place the important provisions which stand liberalized in comparison to the existing provisions, for the convenience and better understanding of our readers:
Section 3 Formation of company.
In the Act, a sole person is allowed to form a company
Section 7 Incorporation of companies
In case of incorporation of a company, the correspondence address can be provided until registered office is established.
Section 13 Alteration of Memorandum
Now as per the Act, instead of obtaining an approval of the Company Law Board, an approval from the Central Government will be required for change of registered office from one state to another. It is further required that such applications to be disposed off within 60 days and though consent of creditors, debenture holders and other prescribed persons will be required.
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