Powers to be exercised by National Company Law Tribunal

 

Section Number

Description

58A(9)

Ordering repayment of public deposits and payment of interest

58AA(1) and (3)

Intimation to Tribunal in case of default in repayment of deposits from small depositors. Tribunal will pass appropriate orders

79(3)

Issue of shares at discount by sick industrial company under revival (in other cases, sanction will be by Central Government)

80A(1)

Redemption of irredeemable preference shares issued prior to 15-6-1988

100 to 104

Approval of reduction of share capital

107

Variation of rights of shareholders, if dissenting shareholders object

111

Refusal of registration of transfer and rectification of Register, in case of a private company

111A

Refusal of registration of transfer and Rectification of Register, in case of a Public Company

117B(4)

Petition by Debenture Trustee to impose restrictions on company on incurring further liabilities, in case of sick industrial company under revival. In other cases, application will be made to Central Government.

117C(4)

Directing company to redeem debentures on maturity and pay principal and interest

167

Power to call Annual General Meeting, if default is made in holding AGM, in case of sick company under revival. In other cases, the power will be exercised by Central Government

186(1)

Power to order general meeting to be called (other than Annual General Meeting)

203

Power to restrain fraudulent persons from managing companies

235(2)

Declaring that affairs of the company ought to be investigated. Then, Central Government must appoint inspectors to investigate

237

Central Government may order inspection if Tribunal is of the opinion that circumstances suggest that inspection is necessary

243

Petition by Central Government to Tribunal for winding up or application for oppression/mismanagement, after inspection is carried out

247(1A)

Ordering appointment of inspectors for investigating ownership of company

250

Imposing restrictions on issue/transfer of shares if company is under investigation

269(7)

Decision whether appointment of managing or whole-time director is in contravention of statutory provisions contained in Schedule XIII

304(2)(b)

Compelling inspection of Register of Directors to persons entitled, if company refuses [Powers concurrently with Central Government]

307(9)

Compelling inspection of Register of Directorsí Shareholding to persons entitled, if company refuses [Powers concurrently with Central Government]

388B to 388E

Recommending Removal of Managerial Person from office

391 and 392

Power to approve compromise or arrangement and its enforcement

394, 394A

Reconstruction and amalgamation of companies

395

Compelling acquisition of shares of shareholders dissenting from scheme or contract approved by over 90% shareholders

396(3A)

Appeal against order of compensation, if Central Government orders compulsory amalgamation of companies in national interest

397

Application for relief in case of oppression

398

Application for relief in case of mismanagement

408

Ordering appointment of directors by Central Government in case of oppression and mismanagement

409

Ordering prevention of change in Board of company

424

Appointment of receivers/managers in pursuance of an instrument

424A to 424L

Revival and Rehabilitation of a sick company

425 to 560

Winding up of companies

582 to 589

Winding up of unregistered companies

610(2)

Compelling production of documents kept by Registrar (ROC)

614

Enforcement of duty of company to make return to ROC

632

Power to require limited company to give security for costs of legal proceedings

637A

Power to impose conditions and levy fees while according approval, etc., under the Act

-

Winding up of Insurance Companies transferred to Tribunal under Insurance Act.

 

Note - Prior to the Companies (Second Amendment) Act, 2002, powers in respect of reduction of capital, amalgamation/reconstruction and winding up were with High Court; powers in respect of revival and rehabilitation of sick industrial company were with BIFR under SICA and other powers were with Company Law Board [CLB]. These powers are now transferred to National Company Law Tribunal (NCLT).