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It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956. The Act was brought into force in stages. Section 1 of this act came into force on 30 August 2013. 98 different sections came into force on 12 September 2013 with a few changes. [1] [2] A total of another 183 sections came into force from 1 April ...
The executive director is accountable to the board of directors and reports to the board on a regular basis as defined by the organization's bylaws. The board sets the vision through a high-level strategic plan, but it is the role of the executive director to create implementation plans that support the strategic plan.
As per Section 2(51) of the Companies Act 2013, Company Secretaries are a company's Key Managerial Personnel (KMP). [5] Other KMPs in a company include the Chief Executive Officer, the managing director, the Whole-time Director, the Chief Financial Officer, and such other officers designated by the Board as KMP but are not more than one level below the directors in whole-time employment. [5]
More recently, it has been suggested that both the tests of skill and diligence should be assessed objectively and subjectively; in the United Kingdom the statutory provisions relating to directors' duties in the new Companies Act 2006 have been codified on this basis. [17] s.174, Companies Act 2006; Re Barings plc (No.5) [1999] 1 BCLC 433
The 2013 Companies Act superseded the Companies Act of 1956, under whose provisions Indian corporations previously operated.In addition to the Companies Act, corporations are subject to other regulations administered by the Ministry of Corporate Affairs (MCA), [1] which has two branches: the Regional Director (RD) and the Registrar of Companies (ROC).
There are considerable variations in the composition and responsibilities of corporate titles. Within the corporate office or corporate center of a corporation, some corporations have a chairman and chief executive officer (CEO) as the top-ranking executive, while the number two is the president and chief operating officer (COO); other corporations have a president and CEO but no official deputy.
Depending upon the size of an organization or a company, the number of directors can vary. Start-up companies can have a single director, which is the minimum for a private limited company according to the law. However, as organizations and businesses expand, the number of directors can increase because more tasks and responsibilities become ...
All companies registered under the Companies Act 2014 are required to appoint a company secretary, who may also be a company director. The company secretary of a private limited company must have "the skills or resources necessary to discharge his or her statutory and other duties" [ 3 ] while that of a public limited company must meet two out ...