29 Sections related to NCLT effective from 01062016. With constitution of NCLT substituting CLB, 29 sections of Companies Act 2013 become effective

29 Sections of Companies Act 2013 related to NCLT effective from 01/06/2016

With the constitution of National Company Law Tribunal (NCLT) and dissolution of Company Law Board (CLB) , the following related provisions of the Companies Act, 2013 have become effective wef 01/06/2016

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 1st June, 2016

 

.O. 1934(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 20l3 (18 of 20l3), the Central Government hereby appoints the 01st day of June, 2016 as the date on which the following provisions of the said Act shall come into force, namely :

Sl. No. Section/ Subsection/ Proviso
1. Sub-section (7) of section 7 [except clause (c) and (d)] Incorporation of a company by furnishing false or incorrect information-Powers of Tribunal
2. Second proviso to sub-section (1) of section 14  Tribunal’s approval for conversion of public company into private company
3. Sub-section (2) of section 14  Tribunal’s order to be filed with RoC
4. Sub-section (3) of section 55 Tribunal power to allow company to issue further redeemable preference shares equal to amount due for redemption
5. Proviso to Clause (b) of sub-section (1) of section 61 Tribunal approval for consolidation/division of shares resulting change in shareholders %
6. Sub-sections (4) to (6) of section 62 Appeal to Tribunal against Govt order for conversion of debentures into shares
7. Sub-sections (9) to (11) of section 71 Petition by Debenture trustees before Tribunal
8. Section 75 Damages for failure to repay deposits
9. Section 97 Power of Tribunal to call AGM
10. Section 98 Power of Tribunal to call meeting of members
11. Section 99 Punishment for default of section 96, 98
12. Sub-section (4) of section 119 Tribunal power to order immediate Inspection of minute book of general meeting
13. Section 130 Reopening of accounts, recasting of financial statements
14. Section 131 Voluntarily revision of financial statements or Board’s report with Tribunal’s approval
15. Second proviso to sub-section (4) and sub-section (5) of section 140 Tribunal’s power to do away with requirement related to representation by retiring/resigning auditor
16. Sub-section (4) of section 169 Tribunal’s power to do away with requirement related to representation by removed director
17. Section 213 Tribunal’s power to order investigation into Company’s affair
18. Sub-section (2) of Section 216 Tribunal’s power to order investigation of ownership of company
19. Section 218  Protection of employees during investigation
20. Section 221  Tribunal’s power to freeze assets of company
21. Section 222 Tribunals Power to impose restriction of securities
22. Sub-sections (5) of section 224 Tribunal’s power to order with regard to disgorgement of assets, property cash of the company 
23. Sections 241, 242 [except clause (b) of sub-section (1), clause (c) & (g) of sub-section (2)], 243, 244, and 245 Tribunal’s power in oppression and mismanagement
24. Reference of word ‘Tribunal’ in sub-section (2) of section 399 Inspection, production and evidence of documents kept by RoC
25. Sections 415 to 433 (both inclusive) Provisions regarding President/Chairperson of Tribunal/Appellate Tribunal, Resignation/removal of members,Staff, Benches etc.
26. Sub-section (1)(a) and (b) of section 434  Transfer of certain pending proceedings
27. Sub-section (2) of section 434 Govt power to make rules for transfer of pendency before CLB to Tribunal 
28. Section 441 Compounding of offences 
29. Section 466 Dissolution of CLB and consequential provisions 

[F. No. A-45011/14/2016-Ad.IV]

PRITAM SINGH, Addl. Secy

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