Author: VS Warrier
The law relating to companies in India is contained in the Companies Act, 1956. The Companies Act, 1956 is a consolidation of existing laws, statutory rules and certain principles laid down in decisions of the Courts in India and England. The Act of 1956 substantially incorporates provisions of the English Companies Act, 1948.
A company means, a company formed and registered under the Companies Act, 1956 or under any of the preceding Acts . The word company is used to denote an association of persons who have associated together to the conduct or to carry on a business for gain. The persons associating together will contribute some money for the conduct of the business and the amount is known as the share capital of the company. The association will be registered under the Companies Act and thereafter it will be a legal person having an artificial personality. Continue reading “Position of Directors in a Company”