[amp_mcq option1=”Both 1 and 2″ option2=”Both 2 and 3″ option3=”Both 1 and 3″ option4=”All of the above” correct=”option4″]
The correct answer is D. All of the above.
The Companies Act, 2013 is an act of the Parliament of India that consolidates and amends the law relating to companies in India. It replaced the Companies Act, 1956. The Act was enacted on 29 August 2013 and came into force on 1 April 2014.
The Act has introduced several new features, including the concept of one person company, the introduction of a new corporate social responsibility (CSR) framework, and the introduction of a new class of companies called “small companies”.
One person company (OPC) is a company that is formed by one person. The minimum paid-up capital for an OPC is Rs. 1 lakh. An OPC is not required to have a board of directors. The OPC can be managed by a sole director or by a manager.
The CSR framework introduced by the Companies Act, 2013 requires certain class of companies to spend at least 2% of their average net profit of the three immediately preceding financial years on CSR activities. The CSR activities are defined in the Act and include activities such as education, health, sanitation, rural development, and environment protection.
The Companies Act, 2013 also introduced a new class of companies called “small companies”. A small company is a company with a paid-up capital of not more than Rs. 50 lakh and a turnover of not more than Rs. 2 crore. Small companies are exempted from certain compliance requirements under the Act, such as the requirement to have a board of directors and the requirement to file certain financial statements with the Registrar of Companies.