The Companies Act, 2013 is replacing the 57 years old Companies Act. After the President given his consent on 28th August 2013, the Bill enacted as Law calling as The Companies Act, 2013.
Everyone are thinking that the new Companies Act 2013, is Simple and Smaller than Companies Act 1956. The Companies Act 1956 had 658 Sections and 14 Schedules and new Companies Act 2013 has only 470 Sections and 7 Schedules. By looking into the Sections and Pages of the bare act, it is obvious that everyone thinking is correct.
The Companies Act, 2013 contains the words "as may be prescribed" in 331 instances. This means huge amount of law to enacted by way of the Rules to be issued by the Government in process.
So, the question is still unanswered that whether the new Companies Act 2013 is really Simpler and Smaller than the Old Companies Act 1956???