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COMPANIES ACT, 2013 - CONSTITUTION OF NATIONAL COMPANY LAW TRIBUNAL AND NATIONAL COMPANY LAW APPELLATE TRIBUNAL
The Ministry of Corporate Affairs (MCA) vide notification no. S.O. 1932(E) and S.O. 1933(E)dated June 1, 2016 notified constitution of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) with effect from June 1, 2016 in exercise of the powers conferred by section 408 and 410 of the Companies Act 2013. According to press information bureau, hon'ble Mr. Justice S.J. Mukhopadhaya Judge (retd.) Supreme Court of India has joined as the chairperson of the NCLT and hon'ble Mr Justice M.M. KUMAR judge, (retd.), chief justice, J&K High Court has joined as a president of the NCLT. With the constitution of the NCLT, the Company Law Board constituted under the Companies Act stands dissolved. The MCA has in the initial phase notified 11 benches of NCLT, two at New Delhi and one each at Ahmedabad, Allahabad, Bangaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai. Further, MCA in exercise of powers under section 1(3) vide notification no. S.O. 1934(E) dated June 1, 2016 notified commencement of the following sections under the Companies Act, 2013 w.e.f. June 1, 2016which areinter-alia related to NCLT and NCLAT matters. S.NO.
SECTIONS
PARTICULARS
1.
SubSection (7) of Section 7 [except clause (c) and (d)]
Power of tribunal to pass orders etc. Where company has been incorporated by furnishing any false or incorrect information or representation
2.
Second proviso to subsection (1) of section 14 ,Section 14 (2)
Provision relating to conversion of public company into private company
3.
Section 55 (3)
To approve issue of further redeemable preference shares when a company is unable to redeem its existing unredeemed preference shares or to
pay dividend thereon
4.
5.
Proviso to clause (b) of section 61 (1)
To approve consolidation or division of share capital resulting in change of voting percentage of shareholders
Section 62(4) to (6)
Order of government for conversion of loans/debentures into shares in public interest and where the terms of conversion of debentures into shares of a company ordered by the government are not acceptable to the company, the company may appeal to the tribunal for making such order as it may deem fit
. Where the assets of a
6.
Section 71 (9) to (11)
company are insufficient to discharge the debentures, the debentures trustee may apply to the NCLT.
. NCLT to order redemption of debentures forthwith by the payment of principal and interest due thereon
. Penalties for not complying with the order of tribunal
7.
Section 75
Damages for fraud with respect to failure to repay deposits and interest thereon
8.
Section 97
Power of tribunal to call general meetings Power of tribunal to call meetings, etc. i.e. in cases it is impracticable to call a meeting , the tribunal
9.
Section 98
may either suo-moto, or on application of a director or member of the company who is entitled to vote at the general meeting, order to call meeting i.e. extra ordinary general meeting and give such direction as may be necessary
Section 99
Punishment for default in complying with provisions of sections 96 to 98( i.e. provisions relating to annual general meetings)
11.
Section 119(4)
Inspection of minutebooks of general meetings ;power of tribunal to order, direct an immediate inspection of the minute books or direct that the copy required shall forthwith be sent to the person requiring it.
12.
Section 130
Re-opening of accounts on courts or tribunal orders
13.
Section 131
Voluntary revision of financial statements or boards report.
10.
The provisions interalia includes-
. To restrict copies of representation of the auditor to be removed to be sent out
. The tribunal may, on 14.
Second proviso to Section 145(4) and Section 140(5)
the application of the company or any other aggrieved person , order that the copy of representation by the auditor need not to be sent to members nor read at the meetings
. Where NCLT is satisfied that the auditor has acted in a fraudulent manner, it may order that the auditor may be changed
15.
Section 169 (4)
The section inter alia includes provisions conferring powers to tribunal to order that the representation from the director need not be sent to the members and nor read at the meeting
16.
Section 213
Investigation into companys affairs in other cases
17.
Section 216(2)
Investigation of ownership of company
18.
Section 218
Protection of employees during investigation
19.
Section 221
Freezing of assets of the company on inquiry and investigation
20.
Section 222
Imposition of restriction upon securities
21.
Section 224(5)
Actions to be taken in pursuance of inspectors report
22.
Section 241
Application to tribunal for relief in cases of oppression ,etc.
23.
Section 242[ except clause (b) of subsection (1), clause (c) and (g) of subsection
Certain powers of tribunals notified except for certain high courts matters such as reduction of capital etc.
(2)]
24.
Second proviso to subsection (1) of section 14
Provision relating to conversion of public company into private company
25.
Section 243
Consequences of termination of modification of certain
26.
Section 244
Right to apply under section 241 i.e. application to tribunal in case of oppression etc.
27.
Section 245
Class action
28.
Reference of word TRIBUNAL in Section 399(2)
Leave of the tribunal required for issuance of certain documents.
29.
Section 415 to 433( both inclusive)
Provisions relating to constitution of national company law tribunal and national company law appellate tribunal
30.
Section 434 (1) (a) and (b)
Transfer of powers from company law board to NCLT
31.
Section 434(2)
Powers of central government to make rules relating to transfer of cases from company law board to national company law tribunal
32.
Section 441
Compounding of certain offences
33.
Section 466
Dissolution of company law board
NCLT Bench S.NO.
Title of the Bench
1.
A) National Company Law Tribunal, Principal Bench. B) National Company Law Tribunal, New Delhi
Location
Territorial Jurisdiction
New Delhi
1. State of Haryana 2. State of Rajasthan 3. Union territory of Delhi
1. State of Gujarat 2. State of Madhya Pradesh 3. Union territory of Dadra and Nagar Haveli 4. Union territory of Daman and Diu
2.
National Company Law Tribunal, Ahmedabad Bench
3.
National Company Law Tribunal, Allahabad Bench
Allahabad
1. State of Uttar Pradesh. 2. State ofUttarakhand
4.
National Company Law Tribunal, Bengaluru Bench
Bengaluru
1. State of Karnataka
5.
National Company Law Tribunal, Chandigarh Bench
Ahmedabad
Chandigarh
1. State of Himachal Pradesh 2. State of Jammu and Kashmir 3. State of Punjab 4. Union territory of
Chandigarh
6.
National Company Law Tribunal, Chennai Bench
7.
National Company Law Tribunal, Guwahati Bench
8.
National Company Law Tribunal, Hyderabad Bench
9.
10.
National Company Law Tribunal, Kolkata Bench
National Company Law Tribunal, Mumbai
Chennai
1. State of Kerala 2. State of Tamil Nadu 3. Union territory of Lakshadweep 4. Union territory of Puducherry
Guwahati
1. State of Arunachal Pradesh 2. State of Assam 3. State of Manipur 4. State of Mizoram 5. State of Meghalaya 6. State of Nagaland 7. State of Sikkim 8. State of Tripura
Hyderabad
1. State of Andhra Pradesh 2. State ofTelangana
Kolkata
1. State of Bihar 2. State of Jharkhand 3. State of Odisha 4. State of West Bengal 5. Union territory of Andaman and Nicobar Islands
Mumbai
1. State of Chhattisgarh 2. State of Goa 3. State of
Bench
Maharashtra
The setting of the NCLT and NCLAT as a consolidated forum for corporate law matters dealt presently with by the Company Law Board, State High Courts, BIFR and AAIFR will provide tremendous opportunities for practicing professionals before NCLT and NCLAT . In the initial phase it is proposed to transition matters dealt by the Company Law Board only to NCLT. New Corporate Laws Treatise, www.nclt.in endeavours to bring considerable knowledge materials, procedural checklists, formats of petitions etc. for the use of professional community and subscribers to the website To download the MCA notifications please refer to below links: http://www.nclt.in/manager/uploads/1464950117-notification_nclt_02062016.pdf http://www.nclt.in/manager/uploads/1464950083-Notification_02062016_II.pdf http://www.nclt.in/manager/uploads/1464944079-Notification%2001-06-2016.pdf
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