Company law, also known as corporate or business law, is the regulatory framework governing the lifecycle of a company—from its incorporation and funding to its day-to-day operations and eventual dissolution. Under the law, a company is treated as an artificial legal person distinct from its members.
In India, companies are overseen by the Ministry of Corporate Affairs (MCA) and governed primarily by the Companies Act, 2013. Key features of this legal framework include:
- Structure: The Act contains 29 chapters and 470 sections detailing rules for both private and public companies.
- Compliance: It defines the legal liabilities and interactions between the company and its stakeholders.
- Enforcement: Non-compliance can lead to civil or criminal penalties, including fines and imprisonment.
- Adjudication: Legal disputes and corporate cases are heard by the National Company Law Tribunal (NCLT).
