Matters to be dealt by NCLT

Much awaited National Company Law Tribunal (herein after referred as NCLT/Tribunal) and National Company Law Appellate Tribunal (herein after referred as Appellate Tribunal has been constituted and Company Law Board (CLB) has been dissolved. All proceedings/cases pending before CLB have been transferred to NCLT w.e.f 1^st June, 2016.

 

Following is the gist of matters which shall be dealt by NCLT 

   

Sr. No	Section	Particulars
1.	Section 2(41)	Change in financial Year
2.	Section 7(7) [except clause (c) and (d)]	Legal action for false or incorrect information at the time of Incorporation
3.	Second proviso of Section 14(1) & 14(2)	Conversion of Public to Private Limited & consequently Alteration of AoA
4.	Section 55(3)	Issue further redeemable preference shares in case of failure to redeem shares
5.	Section 58	Refusal of registration and appeal against refusal.
6.	Section 59	Rectification of register of members.
7.	Proviso to section 61(1)(b)	Consolidation or division of shares resulting in changing in voting rights
8.	Section 62 (4) to (6)	To facilitate conversion into equity shares for the debentures/loan obtained by the company from Govt
9.	Sections 71 (9) to (11)	Action by Debenture trustee once the secured Assets becomes insufficient
10.	Section 73	Failure to repay deposit
11.	Section 74	Default in repayment of deposits, etc., accepted before commencement of this Act.
12.	Section 75	Damages for fraud in case of default for repayment of deposits
13.	Section 97	Power to call for Annual General Meeting in case of  failure by the Company
14.	Section 98	Power  to call meeting of members
15.	Section 99	Punishment for default in complying with the provisions of the sections 96 to 98
16.	Section 119 (4)	Order for inspection of minutes book in case of refusal or default by the Company
17.	Section 130	Re opening of accounts on courts or tribunal order
18.	Section 131	Voluntary revision of financial statements or Board report
19.	Second proviso to section 140 (4) and Section 140 (5)	Removal or change of Auditor before due Date and Suo Moto action by Tribunal for removal
20.	Section 169 (4)	Removal of Directors - representation and relaxation of provisions in certain cases
21.	Section 213	Investigation into the company affairs
22.	Section 216 (2)	Appointment of inspectors on the direction of tribunal
23.	Section 218	Protection of employees during investigation
24.	Section 221	Freezing of assets of company on inquiry and investigation
25.	Section 222	Imposition of restrictions on securities
26.	Sections 224 (5)	Actions to be taken by taken in pursuance of inspectors report
27.	Sections 241, 242 [except clause (b) of sub-section (1), clause (c) & (g) of sub-section (2)], 243, 244, and 245	Provisions related to prevention of oppression and mismanagement
28.	Reference of word ‘Tribunal’ in section 399(2)	Order for production of documents by Registrar
29.	Section 441	Compounding of certain offences

The matters which are yet to be notified and shall be dealt by NCLT are of Compromises, Arrangements & Amalgamation, Winding Up, Revival & Rehabilitation of Sick Companies, Mediation & Conciliation, power to remove names of Companies from Registrar of Companies.

Any person aggrieved by an order of the Tribunal may file an appeal National Company Law Appellate Tribunal within a period of 45 days.

Tribunal and Appellate Tribunal for the purposes of discharging the functions, shall have the powers as are vested to the Civil Court under the Code of Civil procedure, 1908