02 CORPORATE REGULATIONS AND ADMINISTRATION - INTRODUCTION TO INDIAN COMPANY LAW MODULE – I, UNIT – 1 (Part 2)

 

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CORPORATE REGULATIONS AND ADMINISTRATION

 

INTRODUCTION TO INDIAN COMPANY LAW

 

MODULE – I, UNIT – 1 (Part 2)

 

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ADMINISTRATIVE AUTHORITIES UNDER THE COMPANIES ACT

 

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1.Central Government
 

• Supreme authority responsible for the administration of Companies Act 2013 2. National Company Law Tribunal (NCLT) :

• NCLT is a quasi-judicial body in India

• It was formed on June 1, 2016

• It has the role to settle disputes in relation to the companies. It also handles the structures and laws of the companies.

• All proceedings under the Companies Act such as arbitration, arrangements, compromise, reconstruction, and winding up of the company will be disposed of by the Tribunal

 

 

3. National Company Law Appellate Tribunal (NCLAT)

  

• It was constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of National Company Law Tribunal.

• 11 members

• The chairman and members are appointed by the Central Govt. through notification

• The chairperson shall be a person who is or has been a judge of supreme court or the chief justice of a high court

• Appeal has to filed within 45 days from the date of receipt of the copy of the order. 

 

 

4. The Supreme Court 

• For hearing appeals against the orders of National Company Law Appellate Tribunal.

• Appeal has to filed within 60 days from the date of receipt of the copy of the order. 

 

 

5. Serious Fraud Investigation Office
 

A fraud-investigating agency set up to investigate corporate frauds of very serious and complex nature.
 

The authorization of SFIO is limited to investigating frauds related to a company under the Companies Act.
 

The Vajpayee Government decided to set up SFIO on 9 January 2003

SFIO starts an investigation only after receiving an order from the Union government in this respect which means, it cannot take up cases on their own initiative. 

 

6. Special Courts 

 

To deal with and dispose of criminal offences under the CA, 2013 

 

To ensure speedy trial of such offence 

 

It constitute a single judge appointed by Central govt.