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  Ownership and possession of the property are commonly deemed the same terms, but there is a difference between possession and ownership. These terms are different and have different meanings. The term ownership gets derived from the Latin word ‘own’, which means “to have or to hold a thing. Ownership gets defined as a legal right of possession and use of a property. This legal right is enshrined with an individual, group, state, etc., and is available against a movable or immovable property. Possession is physical custody of a property with the intention of ownership. Possession is a provisional title against the owner. In reality, it is not owned; it’s just a mere occupying of that property. Definitions According to Austin, Ownership gets defined as “a right over a determinate thing, indefinite in the point of the user, unrestricted in the point of the disposition, and unlimited in point of duration.” In simple terms, In ownership,  The person has a right over a specified o...

With the growing demands in the corporate structure and overall economy development, the new legislation was passed, totally revamping the existing Company laws in the state. It has considered the revolutionary changes in the structure and functioning of the corporate bodies and gave them enough procedural competence and governance. The companies were more accountable and transparent by the introduction of the new enactment. The Companies Act 2013 passed by the Parliament received the assent of the President of India on 29th August 2013. There are more than 450 plus sections, 7 schedules and 29 chapters. The most important changes in the Companies Act 2013 may be briefly explained below: A. Introduction of One Person Company. (OPC) It is a company with only one member and one Managing Director. This concept has been accepted in Europe, USA, China, Singapore and in several countries in the Gulf region. This has been introduced in India to allow small entrepreneurs and artisans to do a...