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NATIONAL COMPANY LAW TRIBUNAL

Corporate Laws / Banking / SEBI / LLP - By: - Mr. M. GOVINDARAJAN - Dated:- 15-4-2015 - Chapter XXVII of the Companies Act, 2013 ( Act for short) provides for the establishment of ( Tribunal for short)) and National Company Law Appellate Tribunal ( Appellate Tribunal for short) for the disposal of legal disputes relating to the Companies Act. Constitution Section 408 of the Act provides that the Central Government, by notification, constitute, with effect from such date as may be specified there .....

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or five years. Appointment of President Section 412(1) of the Act provides that the President of the Tribunal shall be appointed after consultation with the Chief Justice of India. Term of President Section 413 (1) of the Act provides that the President shall hold office as such for a term of five years from the date on which he enters upon his office but shall be eligible for re-appointment for another term of five years. The President shall hold office until he attains the age of sixty seven y .....

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ides that the Central Government may, after consultation with the Chief Justice of India, remove from office of the President, who- has been adjudged an insolvent; or has been convicted of an offence which, in the opinion of the Central Government, involves moral turpitude; or has become physically or mentally incapable of acting as such President; or has acquired such financial or other interests as is likely to affect prejudicially his functions as President; or has so abused his position .....

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upreme Court nominated by the Chief Justice of India on a reference made to him by the Central Government in which such President had been informed of the charges against him and given a reasonable opportunity of being heard. Section 417(4) provides that the Central Government shall, after consultation with the Supreme Court make rules to regulate the procedure for the inquiry on the ground of proved mis behavior or incapacity referred to in Section 417(2). Suspension of President Section 417(3) .....

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. Judicial Member Section 407(b) defines the term judicial member as a member of the Tribunal appointed as such and includes the President of the Tribunal. Qualification of Judicial Member Section 409 (2) of the Act provides that a person shall not be qualified for appointment as a Judicial Member unless he- is, or has been, a judge of a High Court; or is, or has been, a District Judge for at least five years; or has for at least ten years been an Advocate of a Court. The explanation to Secti .....

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f the Act provides that a person shall not be qualified for appointment as a Technical Member unless he- has, for at least fifteen years been a member of the Indian Corporate Law Service or Indian Legal Service out of which at least three years shall be in the pay scale of Joint Secretary to the Government of India or equivalent or above in that service; or is, or has been, in practice as a Chartered Accountant for at least fifteen years; or is, or has been, in practice as a Company Secretary .....

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panies; or is, or has been, for at least five years, a presiding officer of a Labor Court, Tribunal or National Tribunal constituted under the Industrial Disputes Act, 1947. Selection of members Section 412 (2) provides that the Members of the Tribunal shall be appointed on the recommendation of a Selection Committee consisting of- Chief Justice of India or his nominee - Chairperson; A Senior Judge of the Supreme Court or a Chief Justice of High Court - Member; Secretary in the Ministry of C .....

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ution of the Selection Committee. The proviso to Section 412(2) provides that a person who has not completed fifty years of age shall not be eligible for appointment as Member. Tenure of Members Section 413(1) of the Act provides that every Member of the Tribunal shall hold office as such for a term of five years from the date on which he enters upon his office but shall be eligible for re-appointment for another term of five years. Section 413(2) provides that a member of the Tribunal shall hol .....

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months from the date of receipt of such notice by the Central Government or until a person duly appointed as his successor enters upon his office or until the expiry of his term of office whichever is the earliest. Acting President of the Tribunal Section 415 provides that in the event of the occurrence of any vacancy in the office of the President of the Tribunal, by reason of his death, resignation or otherwise, the senior most member shall act as the President of the Tribunal until the date .....

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ember; or has acquired such financial or other interests as is likely to affect prejudicially his functions as member; or has so abused his position as to render his continuance in office prejudice to the public interest. The member shall not be removed on any of the grounds specified in clauses (b) to (e) without giving him a reasonable opportunity of being heard. Section 417 (2) provides that without prejudice to the provisions of Section 417(1), the Member shall not be removed from his offi .....

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dure for the inquiry on the ground of proved mis behavior or incapacity referred to in Section 417(2). Suspension of Member Section 417(3) provides that the Central Government may, with the concurrence of the Chief Justice of India, suspend from office the Member in respect of whom reference has been made to the Judge of the Supreme Court under Section 417 (2) until the Central Government has passed orders on receipt of the report of the Judge of the Supreme Court on such reference. Benches of T .....

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authorized in this behalf to function as a Bench consisting of a single Judicial Member and exercise the functions of the Tribunal in respect of such class of cases of such matters pertaining to such class of cases, as the President may, by general or special order, specify. At any stage of the hearing of any such case or matter it appears to the Member that the case or matter is of such a nature that it ought to be heard by a Bench consisting of two Members, the case or matter may be transferre .....

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al shall be dealt with and disposed of by it as expeditiously as possible and every endeavor shall be made by the Tribunal for the disposal of the application or petition within three months from the date of its presentation before the Tribunal. Where any application or petition is not disposed of within three months, the Tribunal shall record the reasons for not disposing of the application or petition within three months and the President may after taking into account the reasons so recorded, .....

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shall have, for the purposes of discharging their functions under this Act, the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 while trying a suit in respect of the following matters, namely:- summoning and enforcing the attendance of any person and examining him on oath; requiring the discovery and production of documents; receiving evidence on affidavits; subject to the provisions of Section 123 and 124 of the Indian Evidence Act, 1872 requisitioning any .....

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ting to a sick company or winding up of any other company, in order to take into custody or under its control all property, books of account or other documents, request, in writing, the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector within whose jurisdiction any such property, books of account or other documents of such sick or other company, any situate or found to take possession thereof and the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the .....

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No Act of the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector done in pursuance of this section shall be called in question in any Court or before any authority on any ground whatsoever. Orders of Tribunal Section 420 (1) provides that the Tribunal may, after giving the parties to any proceeding before it, a reasonable opportunity of being heard, pass such others thereof as it thinks fit. Section 419(5) provides that if the Members of a Bench differ in opinion .....

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