Key highlights of the Act are:
- Division of Companies Act, 2013 into 29 Chapters, 470 Sections and 7 Schedules.
- Addition of more than 30 new definitions.
- Introduction of new concepts viz. One Person Company, Private Placement, Independent Directors, Appointment of Women Director, Duties of Directors, Rotation of Auditors, Registered Valuer, Corporate Social Responsibility, Nidhi Companies, Class Action.
- Prohibition of issue of shares on discount, restrictions on Public Deposits.
- Enhanced coverage in Director’s Report, Introduction of Code of Conduct for Independent Directors.
- Rationalization of provisions related to Revival and Rehabilitation of Sick Companies.
- Constitution of National Company Law Tribunal and Appellate Tribunal, National Financial Reporting Authority.
- Mandatory compliance with Secretarial Standards.
- Constitution of Special Courts to facilitate speedy trial of offences under the Act.