COMPANY LAW ADMINISTRATION BOARD :
The Companies (Amendment) Commencement Act, 1988, the Central Government shall in the Official Gazette notification, constitute a board to be called the company board law administration.
The Company Law Board shall discharge and such powers and functions exercise as the grant on it, before the companies Commencement (Second Amendment) Act, 2002 by or under this Act and shall discharge also and exercise such other powers and the Central Government function underfit, through notification to be noted.
Provided may that in the Central Government notification, carry on with the Central Government notification or immediately the Company Law Board any other member as such functioning before the functioning of the Companies commencement (Amendment) as such the Companies (Amendment) Act, 1988, immediately before as the chairman or any other Law company Board, after such in the notification commencement after such period should not extend three years as may be specified.
10E Constitution Board of Law Administration of the Company:
The Law Board of the Company members shall own such experience and such qualifications.
One of the members made by the Law Board of the company chairman shall be appointed to the Central Government.
No act done by the Company Law Board on the ground shall be called in the only question in the constitution of any defect, or in any vacancy existence, the Law Board of the company.
Omitted with the effect by the Companies (Amendment) Act, 1988, from 31-5-1991.
The Board may in the writing order, form one or more benches from among its members and each to exercise authorise such bench and discharge of the functions of the board such and in the orders of the powers as may be specified; and every order act or made done by a Bench in discharge exercise and such powers to be the act shall be deemed or order, of the board as the case may be.
Every referred bench to in sub-section (4B) shall have powers which are vested in the court under the Code of Civil Procedure,1908 (5 of 1908), in respect of the following matters while trying a suit namely:-
a discovery and documents inspections or other producible objects as evidence;
b, The witnesses attendance evidence and requiring their expenses deposit;
c, compelling the documents production or other material producible objects as evidence and the same impounding.
d, on oath witnesses examination;
e, Adjournments granting;
f, Evidence reception on affidavits.
Every bench shall be deemed for the purposes of section 195 to be the civil court and Chapter XXVI of the Criminal Procedure Code, (2 of 1974), and before every proceeding before the Bench shall be deemed to be proceeding judicial within the meaning of sections 193 and 228 of the Indian Penal Code(45 of 1860), and for the section 196 purpose of that Code.
Without prejudice of sub-sections to the provisions (4c) and (4D), the Company Law shall in the exercise.
Of its discharge and its functions powers under this Act or any other law be guided by the natural justice principles and in its discretion shall act.
The subject of the provisions foregoing of this section, the Company Law Board to regulate its own procedure shall have the powers.
10F. Appeals against the Company Law Board orders.
Any person aggrieved by any Company Law Board order or made any decision before the Companies Commencement (Second Amendment ) Act, 2002 may file an appeal to the High Court from the communication date within sixty days of the decision or order of the company law to him on any law question of arising out such order.
Provided that may the High Court, if it is satisfied that the appellant was prevented by the sufficient cause from the appeal filing within the period said, allow it to be filed within the period further should not exceed sixty days.
Company Law Board Dissolution:
On and from the Companies commencement (Second Amendment) Act, 2002, the Company Law Board Administration constituted under sub-section (1) of section dissolve stand.
On the company law board dissolution, the appointed persons as Chairman, Vice-Chairman and officers and members and that Board other employees and office holding as immediately such before such commencement shall vacate their offices respective and no such Chairman, Vice-Chairman and officer and member and other employees shall be entitled to claim for the premature termination of any compensation of his office term or of any service contract.
Further, provided that every officer and other Company Law Board employee employed on the regular basis by the Board shall become, on and from the Board dissolution, employee and the officer, respectively, of the Central Government with the rights that are same and as to pension privileges, gratuity and benefits as would have been to him admissible if the rights to that Board in relation had not been transferred to, and vested in, the Central Government and shall continue to do so unless and until in the central government employment is terminated duly or until his remuneration, terms and employment conditions are altered duly by that Government.
Provided also anything that notwithstanding contained in the Act of Industrial Disputes, 1947 (14 of 1947), or in any law other than for the time being in force, the transfer of any officer services or other employed employee in the Company Law Board, to the Central Government shall not entitle such officer or any compensation to other employee under this Act, or under any other law for the time that was in force and no such claim by any court shall be entertained, Tribunal (including tribunal under this Act) or other authority.
Also mentioned the law board of the Company has established fund provident, fund superannuation, other fund or welfare fund for the officers benefit and other employed employees in that Board, the relatable monies to the officers and other employees whose service have been transferred to, and vest in, such monies and the Central Government which stand so shall be transferred to be dealt with in such manner by that Government as may be prescribed in such manner.
All matter or proceedings or before the pending cases Company Law Board on or the constitution before of the Tribunal under section 10FB, shall, on such consolidation, transferred to the National Company Law Tribunal stand and the said Tribunal shall dispose of in accordance of such cases with this Act provisions.
NATIONAL COMPANY LAW TRIBUNAL.
10 FF. FINANCIAL AND MEMBER ADMINISTRATION ADMINISTRATIVE POWERS:
Any Judicial shall appoint the Central Government or Technical Member as the Administration member who shall practice such administrative and financial powers as may be conferred in that by the central government made under the rules.
Provided that made in the administration shall have to constitute the authority his administrative powers such and financial as he may think to Tribunal fit any other officer to the condition of the subject while practising to act that such actions shall be elected for or to represent others or another power to continue under the act to direction, superintendence and the Administration member control.
If other than the temporary reason absence, occurs any vacancy in the President office or a Member, the Central Government shall appoint another person in accordance with this provisions Act to fill the vacancy and may be continued the proceedings from the stage at before the tribunal which fills the vacancy.