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NCLT comes true

Corporate Laws / Banking / SEBI - By: - Mr. M. GOVINDARAJAN - Dated:- 7-6-2016 - With effect from 31.05.1991 vide Companies (Amendment) act, 1988, the Company Law Board was established under Section 10E of the Companies Act, 1956 to exercise and discharge such powers and functions as may be conferred on it. The Company Law Board is given power to inquire into various matters as conferred in Companies Act, 1956. However the matters such that winding up, merger, amalgamation etc., are handled by t .....

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posed that NCLT will perform all the functions vested on Company Law Board and Company Court. The provisions of the constitution of NCLT and NCLAT were challenged by the Madras Bar Association on the ground that the Administration tried to usurp the functions of judicial in Tribunals. The Supreme Court quashed the provisions relating to the constitution of NCLT and NCLAT but it gave directions to do suitable modifications as directed by the Supreme Court. The Companies Act, 2013 was enacted repl .....

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to Tribunal Vide Notification No. S.O.1934 (E), dated 01.06.2016 the Central Government appointed the 01.06.2016 as the date on which the provisions relating to Tribunal shall come into force. The following are the provisions came into effect from 01.06.2016- Section 7(7) except clause © and (d) - Incorporation of Company; Section 14 (1) and 14(2) - Alteration of articles; Section 55 (3) - Issue and redemption of shares; Section 61 (1)(b) - Power of Limited company to alter its share capit .....

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ments or Board s report; Section 140 (4) and (5) - second proviso - reappointment of auditor; Section 169 (4) - Reply to the notice for removal of a director; Section 213 - Investigation of company s affairs; Section 216 (2) - appointment of Inspectors by the Central Government on the directions of the Tribunal; Section 218 - Protection of employees during the investigation; Section 221 - Freezing of assets of company on inquiry and investigation; Section 222 - Imposition of restrictions upon se .....

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modification of certain agreements; Section 244 - Right to apply under Section 241; Section 245 - Class action; Section 399 (2) - Compelling the production of documents with the leave of the Tribunal; Section 415 - Acting President and Chairperson of Tribunal or Appellate Tribunal; Section 416 - Resignation of Members; Section 417 - Removal of Members; Section 418 - Staff of Tribunal and Appellate Tribunal; Section 419 - Benches of Tribunal; Section 420 - Orders of the Tribunal; Section 421 - A .....

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430 - Civil Court not to have jurisdiction; Section 431 - Vacancy in Tribunal or Appellate Tribunal not to invalidate acts or proceedings; Section 432 - Right to legal representation; Section 433 - Limitation; Section 434 (1)(a) & (b) - Transfer of certain pending proceedings before CLB to Tribunal; Section 434 (2) - Power of Central Government to make rules to transfer the pending proceedings to the Tribunal; Section 441 - Compounding of certain offences; Section 466 - Dissolution of CLB a .....

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