What is meant by company law board?
Company Law Board is an independent quasi-judicial body constituted by the Central Government vide Notification No. 364 dated the 31st May, 1991. CLB has powers to regulate its own procedures. It has framed Company Law Board Regulations 1991 prescribing the procedure for filing the applications or petitions before it.
What is the role of Company Law Board?
The Company Law Board (CLB) in its present form was established in May 1991 under the Section 10(E) of the Indian companies act, to overlook and regulate the business activities and mandatory compliances made by entities in all economic fields, and resolve all types of disputes among people and companies in these …
Who is the current chairman of Company Law Board?
Justice Ramalingam Sudhakar, former chief justice of Manipur High Court, has been appointed as president of the National Company Law Tribunal (NCLT). New Delhi: The government has appointed Justice Ashok Bhushan, a former judge of the Supreme Court, as chairperson of the National Company Law Appellate Tribunal (NCLAT).
Does Company Law Board exist now?
Company Law Board was established in May 1991 under Section 10E of Companies Act 1956. But all the powers as discharged by the Company Law Board were ceased with the introduction of the National Company Law Tribunal in 2002.
What is constitution of board of company law administration?
(1) As soon as may be after the commencement of the Companies (Amendment) Act, 1963, the Cent-ral Government shall, by notification in the Official Gazette, constitute a Board to be called the Board of Company Law Administration to exercise and discharge such powers and functions conferred on the Central Government by …
What are the two objectives of Company Law Board?
The main objectives of the companies Act of 2013 are: 1) To protect the interests of the investors by furnishing fair and accurate information in the prospectus. 2) To promote transparency and high standards of corporate governance.
Can a company be wound up by the Order of National Company Law Tribunal?
On hearing the petition, the Tribunal may dismiss it, adjourn it, make an interim order, or make a compulsory order for winding up the company Where the winding up order is made, the Tribunal will appoint the Official Liquidator satisfying the conditions given in Section 448 of the Companies (Amendment) Act, 2002.
How many Nclts are there in India?
Five new Benches of NCLT have been announced at Jaipur, Cuttack, Kochi, Indore and Amaravati, bringing the total number of Benches to 16 (including the Principal Bench). The NCLAT now functions at a strength of 5 courts, 4 at the Principal Bench in New Delhi and the 5th at NCLAT, Chennai.
What is MCA 21 company law?
MCA21 is an e-Governance initiative of Ministry of Corporate Affairs (MCA), Government of India that enables an easy and secure access of the MCA services to the corporate entities, professionals and citizens of India.
What are developments in company law in India?
In 1850, Company Law was introduced with the Companies Act of 1850 by Joint Stock Company Act of 1844. Company Law was amended many times between 1852 to 1883 because there was a lot of conflict on its implementation in India.
What is the meaning of company law in India?
Indian company law regulates the corporations formed under the Section 2(20) Indian Companies Act 2013. “Company means a company incorporated under this Act or under any previous Company Law”.
Who regulates the corporations formed in India?
Indian company law regulates the corporations formed under the Section 2(20) Indian Companies Act 2013.
What is the role of the company law board?
The Company Law Board (CLB) is a quasi-judicial body, exercising equitable jurisdiction, which was earlier being exercised by the High Court or the Central Government. The Board has powers to regulate its own procedures.
How arecorporate affairs regulated in India?
Corporate affairs in India are regulated through the Companies Act, 1956, Companies Act 2013 and related laws and regulations, which are administered by the Ministry of Corporate Affairs (MCA).