The Lok Sabha approved the 2019 Companies (Amendment) Bill. The 2013 Companies Act saw some revisions as a result. It modifies the legislation governing Indian corporations. The establishment and operation of corporations or companies in India are governed under the 2013 Companies Act. Following independence, in 1956, the country's corporate enterprises were governed by the first Companies Act. The Bhabha Committee's suggestions served as the foundation for the 1956 Act. Multiple amendments to this Act were made, and significant revisions were added in 2013. India was the first nation to make corporate social responsibility (CSR) spending a legal requirement by Section 135 of the 2013 Act. It first mentioned the idea of "Dormant Companies." Companies that have not conducted business for two years in a row are considered dormant. The National Company Law Tribunal was introduced by it. In India, it is a quasi-judicial organization that decides disputes between businesses. The Company Law Board was replaced. It allows for self-regulation of disclosures and openness as opposed to a system relying on government approval.
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