On 1 June, pursuant to section 408 of the Companies Act, 2013, the Ministry of Corporate Affairs (MCA) notified the constitution of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT). The setup of these tribunals sees the Company Law Board dissolved.
The MCA has also notified 29 provisions of the Companies Act, 2013, pursuant to the constitution of the NCLT and the NCLAT. The following provisions in relation to matters where the NCLT will exercise jurisdiction have been notified:
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- Converting a public company into a private company – section 14(2)
- Issuing further redeemable preference shares when a company is unable to redeem its existing unredeemed preference shares or pay dividends – section 55(3)
- Consolidating and dividing existing share capital resulting in a change in the voting percentage of shareholders – section 61(1)
- Calling/directing annual general meetings on a member’s application – section 97
- Directing a member to inspect the minute book of a general meeting – section 119(4)
- Recasting/revising financial statements – sections 130 and 131
- Inspecting a company’s affairs in other cases – section 213
- Investigating ownership of a company – section 216(2)
- Protecting employees during an investigation – section 218
- Freezing of company assets during an inquiry and investigation – section 221
- Imposing restrictions upon securities – section 222
- Actions to be taken in pursuance of inspector’s report – section 224(5)
- Oppression and mismanagement – sections 241-244
- Class action suits – section 245
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