Abstract
Enactment of new company legislation, Companies Act, 2013 requires us to understand the core essence and intent of legislators in replacing the Companies Act, 1956. This research article has traced the development of Company�s law in India from the very beginning i.e. right from the enactment of the Companies Act in 1913 to the existing law today.
The objective of this study is to examine the regulatory reach of the new company law and its transformation from �Merit Based Regulation� to �Disclosure Based regulations�. The paper urges that extant merit-based 1956 Act is deficient and a potential road block to sustainable economic development in a highly competitive and globally integrated environment, flawed with regulatory gaps and therefore abused by market participants. The paper is an attempt to find out the appropriateness of shifting to �Disclosure Based Regulations� the basic philosophy behind the New Company Law. The research suggests that the new companies Act, 2013 cater to the needs of the present economic scenario and has the potential to stimulus progress.
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