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4th Year, Hidayatullah National Law University, Near Abhanpur, Uperwara Post, Raipur
Volume - 2,
Issue - 1,
Year - 2014
The Central Government in terms of Section 10(E) of the Companies Act, 1956 constituted an independent Company Law Board (CLB) vide Notification No. 364 dated the 31st May, 1991. The CLB is a quasi-judicial body, exercising equitable jurisdiction, which was earlier being exercised by the High Court or the Central Government. The Board has powers to regulate its own procedures. The Company Law Board has framed “Company Law Board Regulations 1991” prescribing the procedure for filing the applications/ petitions before it. 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 Board has its Principal Bench at New Delhi, and four Regional Benches located at New Delhi, Mumbai, Kolkata and Chennai.
From 1st April 2008 onwards the matter falling under sections 247, 250, 269, 388B of the Companies Act, 1956 are being dealt with by the Principal Bench. The matter falling under sections 58AA, 79/80A, 111/111A, 113/113A, 117, 117C, 118, 144, 163, 167, 186, 196, 219, 235, 237(b), 247, 250, 269, 388B, 284, 304, 397/398, 408, 409, 614 and 621A of the Companies Act, 1956 and section 45QA of the Reserve Bank of India Act, 1934 are being dealt with by Regional Benches, namely New Delhi Bench, Kolkata Bench, Mumbai Bench and Chennai Bench consisting of one or more member.
Cite this article:
Melveen Abhishek . Removal of Director by CLB –An Insight. Int. J. Ad. Social Sciences 2(1): Jan. –Mar., 2014; Page 39-43.