SECTION 405: POWER OF CENTRAL GOVERNMENT TO DIRECT COMPANIES TO PROVIDE INFORMATION OR STATISTICS.
1. The Central Government may require companies generally, by order, or any class of companies, to provide such information or statistics with regard to their or in the working or constitution, and within such time, can be specified in the order.
2. Under sub-section (1) every order must be published in the Official Gazette and can be addressed to companies generally or to companies any class, in such manner, as the Central Government may think fit and such publication date can be deemed to be the date on which information requirement or statistics is made on such companies or class of companies, as the case may be
3. For the purpose of satisfying itself that statistics or any order is correct information or furnished by a company or in companies under sub-section in pursuance is complete and correct, the Central Government may by order requires such companies or company to produce such documents or records in its possession or allow inspection er by such officer thereof by that officer or such further information furnish as that Government may consider important.
4. If any company fails to comply with an order under sub-section(1) made or sub-section(3), or furnishes knowingly any information or statistics that is incomplete or incorrect in any material respect, the company can be punishable with fine that may extend to twenty-five thousand rupees and company every officer who is in default, can be punishable with imprisonment for a term which may exceeds to six months or with fine which should not be less than twenty-five thousand rupees that may extend to three lakh rupees or with both.
5. The foreign company carries on business in India, company all references in this section shall be deemed to include the foreign company references in relation, and only in relation, to that business.
NATIONAL COMPANY LAW TRIBUNAL AND APPELLATE TRIBUNAL.
In this Chapter, unless the context otherwise needs,
a “Chairperson” means the Appellate Tribunal Chairperson;
b, “Judicial Member” means a Tribunal member or the Tribunal Appellate appointed as such and which includes the Chairperson, as the case may be;
c, “Member” means a member whether Technical of the Tribunal or whether Judicial or the Appellate Tribunal and includes the Chairperson and includes the President, as the case may be
d, “President” means the President of the Tribunal;
e, “Technical Member” means Tribunal member or the Tribunal Appellate appointed.
NATIONAL COMPANY LAW CONSTITUTION TRIBUNAL:
The Central Government shall constitute, by notification, with effect from that date can be specified therein, a Tribunal to be known as the National Law Company Tribunal consisting of the president and such member of technical members and Judicial, as the Central Government may deem important, to be appointed by it by notification, to discharge such powers and exercise and functions as are, or maybe, conferred on it by or any other law or under this Act for the time that was in force.
QUALIFICATION OF PRESIDENT AND TRIBUNAL MEMBERS:
- The president can be a person who is or has been the High Court Judge for five years.
- A person cannot be qualified for appointment as a Judicial Member unless he
- a is or has been, a High Court judge; or
- b, is or has been, a District judge for five years at least; or
- c has been an advocate of a court for at least ten years.
For the purposes of clause (c), in computing the period during which a person has been a court advocate, there shall be included any period during which the person has held the official judicial or the member of office of a tribunal or any post, under a State or the Union, requiring special knowledge of law after he become an advocate.
3. A person cannot be qualified for a Technical member appointment unless he
a, has, for minimum fifteen years been Indian Corporate Law service member or Indian Legal Service out of which minimum of three years can be in the Joint Secretary pay scale to the Government of India or equivalent or above in that service; or
b, is, or has been in practice for at least fifteen years as a chartered accountant; or
c is or has been in practice for at least fifteen years as a cost accountant or
d, is or has been, in practice for at least fifteen years as a company secretary or
e, is a person of proven ability, standing having special knowledge and integrity and experience, of not less than fifteen years, industrial finance, in law, industrial management or administration, investment, industrial reconstruction, labour matters, accountancy, or such other disciplines related to management, conduct of revival, affairs, rehabilitation and winding up of companies; or
f is, or has been, for minimum five years, a Labour Court presiding officer, Tribunal or National Tribunal constituted under the Industrial Disputes Act, 1947 (14 of 1947).
CONSTITUTE OF APPELLATE TRIBUNAL:
The Central Government shall constitute, by notification, with effect from such date as may be specified therein, an Appellate Tribunal to be known as the National Company law, Appellate Tribunal consisting of a chairperson and such Judicial number and Technical Members, not exceeding eleven, as the Central Government may deem fit, to be appointed by its notification, against the orders of the Tribunal for hearing.
Section 411: Qualifications of chair-person and Appellate Tribunal Member.
- The chairperson can be a person who is or has been the Supreme Court Judge or the High Court Chief Justice.
- A Judicial Member can be a person who is or has been a High Court Judge or is a Tribunal Judge Member for five years.
- A Technical Member shall be a person of proven integrity, ability and standing having experience and special knowledge, of not less than twenty-years, industrial finance, in law, administration or industrial management, industrial reconstruction, accountancy, investment, or such other disciplines related to management, conduct of affairs, rehabilitation, revival and winding up of companies.
- Section of Members of Tribunal and Appellate Tribunal
- 1. The Tribunal President and the chairperson and the Appellate Tribunal Judicial Members after consultation with the Chief Justice of India shall be appointed.
- 2. The Tribunal Members and the Appellate Tribunal Technical Members shall be appointed on the Selection Committee recommendation consisting of
- an India Chief Justice or his nominee-Chairperson;
- b, a Supreme Court senior Judge or High Court Chief justice – Member;
- c, Ministry of Corporate Affairs Secretary – Member;
- d, Ministry of Justice and Law Secretary – Member;
- Department of financial services Secretary in the Ministry of Finance – Member.
- The Ministry of Corporate Affairs, the secretary shall be the Selection Committee convener.
- The Selection Committee shall determine its methods for recommending persons under sub-section (2).
- The Members of Tribunal without the appointment or the Appellate Tribunal shall be invalid by reason of any vacancy any defect in the Selection Committee constitution.