Companies Act 2013

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COMPANIES ACT 2013 Introduction The Companies Act, 1956 has been in force since the past 57 years. It was a broadly held opinion that the Company Law enactment requires radical reform in order for it to be in consonance with contemporary economic realities. The Companies Bill, 2011 received the Presidential Assent on August 29, 2013. This marked the establishment of a more comprehensive and dynamic legal framework for corporate governance. The Old Act as an enactment was archaic both in time and thought in the context of the present form of the global business environment. The Old Act was an enactment in the context of a closed economy and a system of permits and licenses. The introduction of 1st generation reforms ushered in liberalization, privatization and globalization (“LPG”) necessitated proportional reforms in Company Law, which have only been introduced now under new the New Statute. The New Act envisages an efficacious corporate governance regime based on enhanced self-regulation and with corporate democracy. The framework promotes new concepts of Corporate Social Responsibility and e-governance. The New Act seeks to ensure stricter enforcement and investor/creditor protection. SEC 223 INSPECTORS’S REPORT (1) An inspector appointed under this chapter may, and if so directed by the central Government shall, submit interim reports to that government, and so on the conclusion of the investigation, shall submit a final report to the central government (2) Every report made under sub-section (1) shall be in writing or printed as the central government may direct. (3) A copy of the report made under sub-section (1) may be obtained by members, creditors or any other person whose interest is likely to be affected] [2] by making an application in this regard to the central Government.

      (4) the report of any inspector appointed under this chapter shall be authenticated; or (a) [1] [by the seal if any] of the company whose affairs have been investigated; or 

(b) by a certificate of a public officer having the custody of the report, as provided under section 76 of the Indian evidence act 1872. And such report shall be admissible in any legal proceedings as evidence in relation to any matter contained in the report. (4) Nothing in this section shall apply to the report referred to in section 212. [1] substituted for “ by the seal “ by the companies ( Amendment ) Act, 2015 vide notification.