Amended and updated notes on section 408 of the Companies Act 2013 as amended by the Companies (Amendment) Act and Company Rules made there under. Detail discussion on provisions and rules related to Constitution of National Company Law Tribunal.
Chapter XXVII (Sections 407 to 434) of the Companies Act 2013 (CA 2013) deals with the provisions related to National Company Law Tribunal and Appellate Tribunal i.e. NCLT and NCLAT. Section 408 of CA 2013 provides for Constitution of National Company Law Tribunal.
Recently, we have discussed in detail section 407 (Definitions) of CA 2013. Today, we learn the provisions of section 408 of the Companies Act 2013. The amended provision of section 408 is effective for the financial year 2020-21.
In this article, you will learn detail of the provisions of section 408 of the Companies Act 2013 Bare Act read with the relevant Company Rules 2021 as provided by Ministry of Corporate Affairs (MCA), Government of India.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XXVII |
| Chapter Name | National Company Law Tribunal and Appellate Tribunal |
| Section No. | 408 |
| Section Name | Constitution of National Company Law Tribunal |
| Monthly Updated Edition | Company Law PDF |
Section 408: Constitution of National Company Law Tribunal
[The provisions of section 408 is effective from 12th September, 2013 vide Notification No. S.O. 2754(E) dated 12.09.2013.]
The Central Government shall, by notification, constitute, with effect from such date as may be specified therein, a Tribunal to be known as the National Company Law Tribunal consisting of a President and such number of Judicial and Technical members, as the Central Government may deem necessary, to be appointed by it by notification, to exercise and discharge such powers and functions as are, or may be, conferred on it by or under this Act or any other law for the time being in force.
The National Company Law Tribunal (NCLT) has now been constituted with effect from 1st day of June, 2016 vide Notification No. S.O. 1932(E), dated 01-06-2016.
The term of office of Shri Bethala Shantha Vijaya Prakash Kumar, Member (Judicial), as Acting President, NCLT is further extended from 05.12.2020 to till the appointment of regular President of NCLT, or until the date on which he shall complete his tenure as Member (Judicial), NCLT i.e. 31.05.2021 (completion of 5 years’ tenure), or until further orders, whichever is earliest. [Notification No. S.O. 8(E), dated 01.01.2021]
Central Government vide Notification No. S.O. 1474(E), dated 29-03-2019 appoints Shri Harish Chander Suri as Technical Member in the National Company Law Tribunal in the pay scale of rupees 67000-79000 (pre-revised) with effect from the 12th February, 2019, for a period of five years or till he attains the age of sixty-five years, whichever is earlier.
The Central Government appointed persons vide Notification No. S.O. 2563(E) dated 28-07-2016, S.O. 3162(E) dated 07-10-2016, S.O. 2837(E) dated 31-08-2017, S.O. 2838(E) dated 31-08-2017, S.O. 2977(E) dated 20-06-2018 and S.O. 3412(E) dated 20-09-2019 as Judicial and Technical Members in the National Company Law Tribunal.