In 2023, Government of India has proposed to set up ‘Central Processing Centre’ for faster response to organisations through centralised handling of various forms filed with field offices under the _____________. 

The correct answer is Companies Act.

Key Points

• The Companies Act of 2013 states that companies must maintain documents electronically.
• It also mandates that board meetings be given at least 7 days' notice.
• The Act defines the duties of directors, key managerial personnel, and promoters. 
• The Companies Act, 2013 was preceded by the Companies Act, 1956.
• Due to changes in the national and international economic environment and to facilitate expansion and growth of our economy, the Central Government decided to replace the Companies Act, 1956 with the new legislation.
• The Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors, and secretaries.

Additional Information

• Partnership Act
  • The Partnership Act of 1932 states that a partnership is created by agreement, not status.
  • It also states that a minor can't be a partner in a firm, but they can benefit from it. 
• Contract Act
  • The Indian Contract Act of 1872 covers topics such as communication, acceptance, and revocation of proposals.
  • It also defines terms like consent, free consent, coercion, undue influence, fraud, and misrepresentation. 
• Sale of Goods Act
  • The Sale of Goods Act of 1930 states that the intention of the parties to a contract determines whether the contract passes property in the goods from the buyer to the seller.
  • It also states that sellers can sue for the price of goods in case of breach, even if the goods are still in their possession.