May 15, 2015 1:32:58 am
Clearing decks for making tribunals functional to exclusively deal with company law matters, the Supreme Court on Thursday upheld the constitutional validity of the 2013 Companies Act’s provisions for establishing National Company Law Tribunal and National Company Law Appellate Tribunal.
These tribunals would adjudicate cases which were so far being dealt by high courts, Company Law Board , Board for Industrial and Financial Reconstruction and Appellate Authority for Industrial and Financial Reconstruction.
A Constitution Bench, led by Chief Justice H L Dattu, however held a few provisions as invalid It noted that the selection committee was made a five-member body under the 2013 Act even though previous judgement held that it should have four-members, comprising the CJI or his nominee, a senior Judge of the Supreme Court or high court chief justice and Secretaries in Ministry of Finance and Company Affairs and in Ministry of Law and Justice.
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