Section 464 of the Companies Act 2013 empowers the Central Government to prescribe the maximum number of partners in a partnership firm, with the ceiling limit of 100 partners.
This provision replaced the earlier restrictions under the Companies Act 1956 (which limited partnerships to 10 partners for banking business and 20 for other businesses). The 2013 Act provides more flexibility by allowing up to 100 partners, recognizing the need for larger partnership structures in modern business scenarios.
It's important to note that there is no Companies Act 1932 - the earlier relevant act was the Companies Act 1956, which has now been superseded by the Companies Act 2013.