The new Companies Act, 2013, will come into force today. However, many sections are yet to be notified. Among these are setting up of a National Company Law Tribunal (NCLT), a National Financial Reporting Authority (NFRA), winding-up of sick companies and special courts. Companies will be required to follow the provisions in this regard of the old Companies Act, 1956. Experts say, the new law will bring more transparency in corporate governance, while allowing flexibility to companies in exceptional situations.