Companies Act 2008 - Key Points

Here are the Key Points of Companies Act 2008

- One-person company allowed, more stringent regime for not-for-profit firms

- Restrictions on number of partners in partnership firms, banking firms relaxed

- Companies will not be able to raise deposits from public, except through Special Acts

- Consolidation of financial statements of subsidiaries with holding companies mandatory

- Class action suits by shareholder associations, groups against companies allowed

- Revised framework for regulation of insolvency, new Insolvency Fund

Source : Business Standard