The English Common Law is the source of origin of the Company legislations in India. Various Companies Acts passed in India from time to time were based on the English Companies Act. In 1850, the first law on ‘registration of joint stock companies’ was enacted in India which was based on the English Companies Act of 1844 known as the Joint Stock Companies Act, 1844. This Act of 1850 recognized the company as a distinct legal entity but the privilege of limited liability was not granted to the company under the Act. The principle of limited liability was recognized in India by virtue of the Joint Stock Companies Act, 1857 which was passed following the English law, the Joint Stock Companies Act, 1856. The next law relating to Company in India was the Companies Act of 1866 legislated (based on English Companies Act of 1862) ‘for consolidating and amending the law relating to the incorporation, regulation and winding up of trading companies and other associations.’ This Act was amended and remodeled in 1882 and it remained effective till 1913. In 1913, the Indian Companies Act of 1913 was legislated following the English Companies (Consolidation) Act, 1908. This Act of 1913 was found to be highly inadequate in the course of its operation and thus it went through numerous amendments till the enactment of the Companies Act, 1956. The Companies Act, 1956 was enacted in compliance of the recommendations of the Bhabha Committee. The major amendments in this Act were brought in 2002 which provided for the constitution of the National Company Law Tribunal in place of the Company Law Board.