The Companies Bill, 2012 has been passed by the Lok Sabha i.e. the lower house of the Indian Parliament, on Tuesday, 18th December, 2012. The Bill is yet to be approved by the Rajya Sabha i.e. the upper house of the Indian Parliament.
Once the Bill is approved in Rajya Sabha, it will further require the assent of the President of India before the same can be finally notified by the Central Govt. as a statute in replacement of the existing Companies Act, 1956.
The Bill is divided into 29 chapters and contains 470 clauses and 7 schedules. Once the Bill becomes an Act (i.e. the Companies Act, 2012), as per subclause (2) of clause 1 of the said Bill, the Act will be applicable to whole of India.
Commencement of Companies Act, 2012 :
Except section 1 of "the Act" (which shall come into force at once), all remaining provisions of the Act shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of the Act and any reference in any provision to the commencement of the Act shall be construed as a reference to the coming into force of that provision.
Applicability of the various Provisions of the Companies Act, 2012:
The provisions of the Act shall apply to—
(a) companies incorporated under this Act or under any previous company law;
(b) insurance companies, except in so far as the said provisions are inconsistent with the provisions of the Insurance Act, 1938 or the Insurance Regulatory and Development Authority Act, 1999;
(c) banking companies, except in so far as the said provisions are inconsistent with the provisions of the Banking Regulation Act, 1949;
(d) companies engaged in the generation or supply of electricity, except in so far as the said provisions are inconsistent with the provisions of the Electricity Act, 2003;
(e) any other company governed by any special Act for the time being in force, except in so far as the said provisions are inconsistent with the provisions of such special Act; and
(f) such body corporate, incorporated by any Act for the time being in force, as the Central Government may, by notification, specify in this behalf, subject to such exceptions, modifications or adaptation, as may be specified in the notification.