COMPANIES ACT, 2013 - CONSTITUTION OF NATIONAL COMPANY LAW TRIBUNAL AND NATIONAL COMPANY LAW APPELLATE TRIBUNAL

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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 M r Justice
M.M. KUMAR judge, (retd.), chief justice, JK
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.
Sub- Section (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 sub- section (1) of
section 14 ,Section 14 (2)
Provision relating to conversion of
public company
company into private
3.
Section 55 (3)
To approve issue of further redeemable
preference shares when a company is existing
unredeemed preference shares or to
unable to redeem its
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pay dividend thereon
4.
Proviso to clause (b) of section 61 (1)
To approve consolidation or division of share
capital voting percentage of shareholders
resulting in change of
5.
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
6.
Section 71 (9) to (11)
. Where the assets of a 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 interest thereon
repay deposits and
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
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9.
Section 98
may either suo-moto, or on application of a
director or member of 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
the company who is
10.
Section 99
Punishment for default in complying with
provisions of sections relating to annual
general meetings)
96 to 98( i.e. provisions
11.
Section 119(4)
Inspection of minute- books of general
meetings power of tribunal to order, direct
an immediate minute books or direct that the
copy required shall forthwith be sent to the
person requiring it.
inspection of the
12.
Section 130
Re-opening of accounts orders
on courts or tribunal
13.
Section 131
Voluntary revision of boards report.
financial statements or
14.
Second proviso to Section 145(4) and
Section 140(5)
The provisions inter- alia includes- . To
restrict copies of representation of the
auditor to be removed to be sent out . The
tribunal may, on the application of
the aggrieved person , representation by the
sent to members nor
company or any other
order that the copy of
auditor need not to be
read at the meetings
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. 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 from the director need not be sent to the
members and nor read at the meeting
the representation
16.
Section 213
Investigation into other cases
companys affairs in
17.
Section 216(2)
Investigation of
ownership of company
18.
Section 218
Protection of investigation
employees during
19.
Section 221
Freezing of assets of and investigation
the company on inquiry
20.
Section 222
Imposition of securities
restriction upon
21.
Section 224(5)
Actions to be taken in report
pursuance of inspectors
22.
Section 241
Application to tribunal oppression ,etc.
for relief in cases of
23.
Section 242 except clause (b) of sub-
section (1), clause (c) and (g) of sub-
section
Certain powers of tribunals notified except
for certain high reduction of capital etc.
courts matters such as
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(2)
24.
Second proviso to sub- section (1) of
section 14
Provision relating to conversion of
public company
company into private
25.
Section 243
Consequences of modification of certain
termination of
26.
Section 244
Right to apply under section 241 i.e. in case
of oppression etc.
application to tribunal
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 company law tribunal and
national company
constitution of national
law appellate tribunal
30.
Section 434 (1) (a) and (b)
Transfer of powers board to NCLT
from company law
31.
Section 434(2)
Powers of central government to make rules
relating to company law board to national
company law tribunal
transfer of cases from
32.
Section 441
Compounding of certain
offences
33.
Section 466
Dissolution of company
law board
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NCLT Bench
S.NO.
Title of the Bench
Location
Territorial
Jurisdiction
1.
A) National Company Law Tribunal, Principal
Bench. B) National Company Law Tribunal,
New Delhi
New Delhi
1. State of Haryana 2. State of Rajasthan 3.
Union territory of Delhi
2.
National Company Law Tribunal, Ahmedabad
Bench
Ahmedabad
1. State of Gujarat 2. State of Madhya 3.
Union Dadra and 4. Union territory of Daman and
Diu
Pradesh
territory of
Nagar Haveli
3.
National Company Law Tribunal, Allahabad
Bench
Allahabad
1. State of Pradesh. ofUttarakhand
Uttar
2. State
4.
National Company Law Tribunal, Bengaluru
Bench
Bengaluru
1. State of
Karnataka
5.
National Company Law Tribunal, Chandigarh
Bench
Chandigarh
1. State of Himachal Pradesh 2. State of
Jammu and Kashmir Punjab 4. Union territory of
3. State of
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Chandigarh
6.
National Company Law Tribunal, Chennai Bench
Chennai
1. State of Kerala 2. State of Tamil Nadu 3.
Union Lakshadweep 4. Union territory of
Puducherry
territory of
7.
National Company Law Tribunal, Guwahati
Bench
Guwahati
1. State of Arunachal Pradesh 2. State
of Assam 3. State of 4. State of 5. State of 6.
State of Nagaland 7. State of Sikkim 8. State
of Tripura
Manipur
Mizoram
Meghalaya
8.
National Company Law Tribunal, Hyderabad
Bench
Hyderabad
1. State of Pradesh ofTelangana
Andhra
2. State
9.
National Company Law Tribunal, Kolkata Bench
Kolkata
1. State of Bihar 2. State of Jharkhand Odisha We
st Bengal territory of Andaman and Nicobar
Islands
3. State of
4. State of
5. Union
10.
National Company Law Tribunal, Mumbai
Mumbai
1. State of Chhattisgarh 2. State of 3. State of
Goa
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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-noti
fication_nclt_02062016.pdf
http//www.nclt.in/manager/uploads/1464950083-Noti
fication_02062016_II.pdf
http//www.nclt.in/manager/uploads/1464944079-Noti
fication2001-06-2016.pdf
COMPANIES ACT
CONTACT US 2013/1956

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