In a dynamic and ever changing business world, no economic legislation can continue to remain static forever. Such has been the journey of the Companies Act, the first enactment being the Companies Act, 1913. The 1913 Act, after several amendments was replaced by the Companies Act, 1956 which regulated the corporate world for around 60 years. The 1956 Act also went through several amendments keeping pace with times, finally ceding to the needs of the ever changing, and ever emerging, corporate world. The Companies Act, 2013 has now completely replaced the 1956 Act.
There have been, and even are, several established single volume publications, some of them famous and highly successful ones, which have tried to cover the entire spectrum of the company law, from the respective authors points of view. They have also run into umpteen editions. With the coming up of the 2013 Act, those authors could and were really fast in coming up with the 2013 law editions of their books. As to begin with, only a few of the sections were then notified and the result of the updation was a sort of patch work which alone it could be. As the editions of such publications kept on coming, further patch work went on as more and more sections got notified. The result is what best could be with a book originally written for the purpose of 1956 Act and then tried to be converted to serve the purpose of the 2013 Act or a mixture of 2013 Act and 1956 Act. That apart, as the 2013 law leaves a lot into the executive domain to do, Circulars, Notifications and Forms, etc., keep on coming almost like windfall, and also get amended in no time, making it so difficult for any author to catch up with, not to speak of the company executives.
We thought it appropriate to come up with an originally written treatise based on the Companies Act, 2013, some eighteen months ago. Ever since, we have written, re-written, updated, modified the laws, re-drafted the procedures, specimen resolutions, etc., and given a full stop thereto only at the dawn of 2017 when the law and procedure appear to have more or less attained completeness, and perhaps also got settled. We were inspired by a particular publication of ours released in 1996 in the authorship of one of us which was highly appreciated and also successful and has also regularly been in demand ever since from those who used it then. We have tried to draw quite a lot from the format thereof, however, under the 2013 Act umbrella.
When one of us had visited the ICSI in 1996 end for some personal work when Dr. Chandratre was the President, the news of amendment of the 1956 Act first time came to our notice. The task of amendment was then assigned to a Committee and the Finance & Corporate Affairs Minister P. Chidambaram was said to be personally attending the committee meeting every Saturday for finalisation of the draft. This made us to refrain from taking up further editions of the abovesaid 1996 treatise. In hindsight it turned out to be a mistake, but so it was. A Draft Company Law was even released for comments, but it is only after several revisions, that the present Companies Act, 2013 is one which appears to have come to stay, and become an incentive for us to indulge in our first effort of this nature for quite some time, though we have been regularly publishing subjectwise books ever since