Tell us the major highlights of the Companies Act 2013.

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The Companies Act 2013 introduced several changes to the corporate governance framework in India.

The Act introduced the concept of One Person Company (OPC) to encourage entrepreneurship.
It mandates companies to spend 2% of their average net profits on Corporate Social Responsibility (CSR) activities.
The Act requires companies to have at least one woman director on their board.
It introduced stricter norms for related party transactions to prevent conflicts of interest.
The Act strengthened the role of independent directors and increased their accountability.
It introduced the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) to handle company law cases.
The Act simplified the process of mergers and acquisitions and made it easier for companies to raise capital.
It increased penalties for non-compliance and introduced stricter provisions for fraud and insider trading.
The Act also introduced e-governance initiatives to make compliance easier and more efficient.

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