Enactment of new company legislation has compelled author to understand the core essence and intent of legislature behind

replacing Companies Act, 1956.Author has traced development of Company law in India through going into past, right from first enactment of Companies Act in 1913 to present law. Research reveals that new company law is to cater present economic scenario. The Objective of this study is to blot down the regulatory reach of the new company law, transformation from Merit Based Regulation to Disclosure Based regulations. The paper has been divided as follows Part A urges that extant merit based 1956 act is deficient, road block to sustainable economic development in deadly competitive globally integrated Indian companies, followed with regulatory gap in 1956 Act and their abuse by market participants in deliberated in Part B; Part C is an attempt to find out appropriateness for shift to Disclosure Based Regulations as basic philosophy behind New Company Law while Part D are some broad inferences outlined on outlines of an disclosure based new company law that has potential to progress corporate stimulus to challenges. Part E conveys conclusion after a thorough research.