# Evolution of the Companies Act in India
## Timeline of Indian Company Law
| Year | Statute | Remarks |
|---|---|---|
| 1850 | Joint Stock Companies Act | First Indian company law (modelled on English Act of 1844) |
| 1956 | Companies Act, 1956 | Comprehensive statute that governed Indian companies for almost 57 years |
| 2013 | Companies Act, 2013 | Current statute — enacted in the backdrop of corporate governance failures (notably the Satyam scam, considered the biggest fraud in corporate governance in India) |
## Why the 2013 Act replaced the 1956 Act
- The Satyam Computer Services scam (2009) — described as one of the biggest frauds in corporate governance in India — exposed the inadequacy of the 1956 Act.
- Need for stricter corporate governance norms, better disclosure, independent directors, CSR, etc.
- Modernisation of company law in line with global standards.
## How does the MCA manage all companies in India?
India has lakhs of registered companies. The MCA cannot directly manage each one. It works through:
```
MCA (Ministry of Corporate Affairs)
|
Regional Directors (Regional level)
|
25 Registrars of Companies (ROCs) across States/UTs
|
Individual Companies
```
- 25 Registrars of Companies (ROCs) are spread across India, each handling companies registered in their jurisdiction.
- All filings, registrations, and compliance reports flow through the ROC, then to the MCA.