As we all know the business environment is changing day by day and with that change business firms are also supposed to change with that environment. There is no country in that world who can avoid changes in corporate culture that comes as an external force due to rapid linkage of various economies & their corporate entities and due to that many opportunities and threats may arise especially on the governance front. With this ever changing environment it is in the interest of country to incorporate various governance aspects arising in terms of challenges due to changes taking place in corporate arena. So in this paper an effort has been made that how India is changing its corporate laws with regard to corporate governance by comparison of two major acts i.e. Companies Act 1956 & the recently introduced Companies Act 2013.