Company Law Board
The Company Law Board was an independent quasi-judicial body in India which had powers to overlook the behaviour of companies within the Company Law. The concept of Company Law Board in its present form was introduced through an amendment to the Companies Act of 1956 in the year 1988. It was constituted in its present form on May 31, 1991. Under Section 10E of the Companies Act, 1956 replacing the erstwhile Company Law Board which was primarily as a de-legatee of the Central government since 01 December 1964. The Company Law Board has framed Company Law Board Regulations,1991 wherein all the procedure for filing the applications/petitions before the Company Law Board has been prescribed. The Central Government has also prescribed the fees for making applications/petitions before the Company Law Board under the Company Law Board (Fees on applications and Petitions) Rules, 1991. The Company Law Board is succeeded over by the National Company Law Tribunal, which governs all companies under the Companies Act, 2013.
The Board had its Regional Benches at Mumbai, Calcutta, Chennai & New Delhi besides the Principal Bench at New Delhi and another Principal branch for Southern States at Chennai. The matters falling under section 247, 250, 269, and 388B are dealt with by the Principal Bench at New Delhi. The Regional Benches are mainly concerned with petitions/applications under sections 17, 18, 19, 58A(9), 58AA(1), 79/80A, 111,111A, 113/113(3), 117, 117C, 118(3), 141, 144(4), 163, 167, 186, 196, 219/219(4), 235, 237(b), 269, 284, 284(4), 304, 307,397/398, 408, 409, 614, 621A, 634A, of the Companies Act, 1956 and matters falling under Chapter VI of Part VI of the Companies Act, 1956 and Section 45QA of the Reserve Bank of India Act,1934. The matters falling under section 45QA of the Reserve Bank of India Act, which were earlier within the purview of the RBI, have been entrusted to the Company Law Board. The Central Government have accordingly amended RBI Act giving powers to the Company Law Board to deal with the applications filed by the aggrieved depositors of Non-Banking Financial Companies (NBFCs) under section 45QA of the RBI Act, 1934. It is one of the branches of high court with the tribunal being the other one.