CA Foundation · Business Laws · Indian Regulatory Framework
Gopal wants to know what kind of law the Companies Act, 2013 is and who made it. Which description is correct?
The Companies Act, 2013 is a statute enacted by Parliament, so it is part of enacted law. Rules made under it by the government are delegated legislation, but the Act itself is not a court precedent, a custom or an ordinance.
- AA statute enacted by Parliament, forming part of enacted lawCorrect
- BA set of rules made by the Registrar of Companies under an ordinance
- CA judicial precedent laid down by the Supreme Court
- DA custom followed by Indian businesses over time
Explanation
The Companies Act, 2013 is a statute passed by Parliament, so it is enacted (statutory) law. Rules and notifications under it are delegated legislation, but the Act itself is not made by the Registrar. It is not a judicial precedent or a custom.
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