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Business Regulatory Framework by Purnakam Dash

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25

Nature of Company

CHAPTER OBJECTIVES

After carefully reading this chapter, you will be able:

  • Understand the nature of a company and its characteristics.
  • Enumerate the different kinds of companies.

In India, companies are formed and governed by the Indian Companies Act 1956. It came into force on 1 April 1956, and it applies to India.

DEFINITION

The meaning and definition of a company according to the Indian Companies Act 1956, is not exhaustive and it does not give a clear picture of a company. The Act defines a company as, ‘A company formed and registered under the Act or an existing company formed and registered under any of the previous company laws.’ (Sec. 3)

Lord Justice Lindley has defined a company as, ‘An association of many persons ...

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