Government bodies like National Company Law Tribunal (NCLT)
and National Company Law Appellate Tribunal (NCLAT) are quasi-judicial bodies
to regulate and resolve the issues related to civil corporate disputes.
Under the Indian Constitution article 245, powers were given
to the Government of India to establish the said tribunals. Both the
aforementioned bodies are subject to rules and regulations as formed and
notified by the Government of India.
In case any of the parties involved in the judgement are not
satisfied to what has been pronounced by the NCLT can approach the NCLAT within
45 days from the date of the judgement. Furthermore, any of the parties can
still challenge the verdict within 60 days from the date of the verdict in
Supreme Court.
Representatives of any of the Parties:
- Chartered Accountant
- Company Secretary
- Legal Practitioners
- Cost Accountant
- An officer of the company
In the following certain cases where the NCLT delivers a
judgement:
Class Action: Section 245 of the Companies Act, 2013
empowers the shareholders or depositors who are being wronged to file a class
action against the public or private limited companies other than baking
companies for cheating and drain dry their investments and savings.
Refusal to transfer shares: In case a company refuses
to register a transfer or includes self in any malpractices which leads to
dissatisfaction of the transferor or transferee they are entitle to file an
appeal after a period of 2 months in the NCLT.
Tribunal convened General Meeting: Annual General
Meeting (AGM) and Extraordinary General Meeting (EGM) are to be held to gain
certain permission from shareholders or a class of shareholders and to give a
general outline of the company. The tribunal can u/s 97 & 98 of the
Companies Act 2013, can convene AGM or EGM.
The NCLAT comes into the picture when an aggrieved party is
not satisfied with the orders that of NCLT.
Thank You
Regards
Author: Gaurav Sureka
Kautilya
IBS Mumbai
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