In a bid to strengthen corporate governance and protect investor interest, the government Tuesday implemented the new Companies Act, 2013.
New rules such as mandatory social welfare spending, and independent directors on board, among others, have thus come into force.
The implementation comes after the government Friday notified 10 more chapters of the new act, primarily related to appointment of directors and powers of the company board.
A major part of the new legislation is now operational. The corporate affairs ministry has notified 183 new sections, in addition to 100 sections notified earlier. The total of notified chapters now stand at 293.
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