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Company
Law Board
The
Company Law Board is an independent quasi-judicial body in India
which has powers to overlook the behaviour of companies within
the Company Law . It was constituted in its present form on May
31, 1991.
Structure of the Board
The Company Law Board shall consist of not more than nine
members appointed by the central Government by notification in
the official Gazette. One of them shall be appointed by the
central Government as the chairman of the board.
The Board may, by order in writing, form one or more benches
from among its members and authorise each such bench to exercise
and discharge such of the Board's powers and functions as may be
specified in the order. Every order made or act done by a Bench
in exercise of such powers or discharge of such functions shall
be deemed to be the order or act, as the case maybe, of the
Board.
Powers and Functions:
The company Law Board Shall----
- exercise and discharge such powers and functions as may be
conferred on it; by or under this Act or any other Law, and -
shall also exercise and discharge such other powers and
functions of the central Government under this Act or any other
Law as may be conferred on it by the central Government, by
notification in the official Gazette, under the provisions of
this Act or that other Law.
Every Bench shall have powers which are vested in a court under
code of civil procedure, 1908 (5 of 1908), while trying a suit,
in respect of the following matters, namely:
(a) discovery and inspection of documents or other material
objects producible as evidence ; (b) enforcing the attendance of
witness and requiring the deposit of their expenses; (c)n
compelling the production of documents or other material objects
producible as evidence and impounding the same; (d) examining
witness on oath; (e) granting adjournments; (f) reception of
evidence on affidavits.
Every Bench shall be deemed to be a civil court for the purpose
of certain sections of the Act and every proceeding before the
Bench shall be deemed to be a judicial proceeding within the
meaning of certain sections of the Indian penal code.
Any person aggrieved by any decision or order of the company Law
Board may file an appeal to the High Court within sixty days
from the date of communication of the decision or order of the
Company Law Board to him on any question of the Law arising out
of such order. However, if the High Court is satisfied that the
appellant was prevented by sufficient cause from filing the
appeal within the said period, it may allow it to be filed
within a further period not exceeding sixty days.
Principal board of the bench sits at Shastri Bhawan in New
Delhi. Mr. Balasubramanian is the existing Chairman. Mr. Sudipto
Sarkar and Mr. S.N. (Gopal) Mookherjee, both of Calcutta Bar,
are the two leading advocates practising here and are retained
for practically every worthwhile case. CLB has emerged as the
nerve centre of company and business family related litigations
in India.
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