Introduction : A Need for Change Law being a social science is dynamic and the rate at which the world is changing today, law should be extremely sensitive to these changes. It has been realized all across the globe that reform and updation of the basic legal matrix for corporate entities is essential to enable sustainable economic reform. Many countries have already revamped and comprehensively revised their respective corporate laws. UK Companies Act was revised during the 1980s. Subsequently, many countries whose legal systems were derived from UK, such as Australia, New Zealand, Canada etc. also undertook reviews of their corporate laws and brought about several comprehensive reforms.  The Companies Act, 1956 repealed and replaced the Companies Act of 1913 on the recommendations of the Bhaba Committee set up in 1950 with the object to regularize the existing corporate laws and to provide a new basis for corporate operation in indepen ....