Corporate Affairs Ministry seeks views on National Companies Law Tribunal draft rules and Versions of following Forms are modified w.e.f 30th Jan 2016

CS DIVYANSHU SAHNI UPDATE- January 30, 2016

1. NEWS HIGHLIGHT

Corporate Affairs Ministry seeks views on National Companies Law Tribunal draft rules

Corporate Affairs Ministry has sought comments from stakeholders on draft rules pertaining to the proposed National Companies Law Tribunal.

NCLT, being set up under the Companies Act, 2013, would replace the Company Law Board (CLB).

In a notice, the ministry said suggestions and comments "along with justification in brief" on the draft rules for NCLT can be submitted till February 17.

"In view of the Supreme Court order dated May 14, 2015, the process for constitution of NCLT/NCLAT has been undertaken and these bodies are likely to be set up shortly," the notice said.

Views have been sought on draft rules relating to 'Compromises, Arrangements and Amalgamation', 'Prevention of Oppression and Mismanagement' and 'Procedure to be followed by NCLT and NCLAT'.

In July 2015, the ministry had set up a committee to examine the draft rules with respect to procedure to be followed NCLT/NCLAT.

Steps have also been taken to make provisions for infrastructure and other supportive requirements for the tribunals, he had said.

2. MCA UPDATE

Versions of following Forms are modified w.e.f 30th Jan 2016 :-

INC-23 (Application to Regional Director for approval to shift the Registered Office from one state to another state or from jurisdiction of one Registrar to another Registrar within the same State) and