COMPARATIVE STUDY OF REVISED AND OLD SCHEDULE VI OF COMPANIES ACT 1956

Vishal Saxena

Volume : V, Issue : XI, November - 2015

COMPARATIVE STUDY OF REVISED AND OLD SCHEDULE VI OF COMPANIES ACT 1956

Vishal Saxena

Abstract :

 The corporate laws of an economy are a sine qua non for economic growth. In today’s global economic scenario, entrepreneurs are looking forward to economies that have the best, compact and easy laws and procedures that facilitate quick establishment of companies. The Indian Company Law, which had its legislative origin after independence, had gone through a number of amendments since 1956. The Ministry of Corporate Affairs has been taking timely and pro–active initiatives by making the existing law simple, compact with less cumbersome procedures. Apart from the large number of sections contained in the Act, there are a number of Schedules to the Companies Act, 1956 which the Ministry has been re–looking at from time to time. With its total makeover at this juncture, it is almost at par with the laws elsewhere in the globe and making the country as a platform for inviting off–shore investments. As ‘Accounting Standards’ have become mandatory and more so the road map towards convergence of IFRS has been drawn up, Schedule VI to the Companies Act, 1956 became an important piece of document, which necessitated the Ministry very recently to revise in terms of contents, format and to align itself with that of existing Accounting Standards.