Amended and updated notes on section 414 of Companies Act 2013. Detail discussion on provisions and rules related to salary, allowances and other terms and conditions of service of Members.
Chapter XXVII (Sections 407-434) 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 414 of CA 2013 provides for salary, allowances and other terms and conditions of service of Members.
Recently, we have discussed in detail section 413 (Term of office of President, chairperson and other Members) of CA 2013. Today, we learn the provisions of section 414 of the Companies Act 2013.
The provisions of section 414 are effective from 12th September, 2013. You may refer Notification No. S.O. 2754(E) dated 12-09-2013. In this article, you will learn detail of the provisions of section 414 the Companies Act 2013 read with the National Company Law Appellate Tribunal (Salaries and Allowances and other terms and conditions of service of the Chairperson and other Members) Rules, 2015.
| 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. | 414 |
| Section Name | Salary, allowances and other terms and conditions of service of Members |
| Monthly Updated Edition | Company Law PDF |
Section 414 of Companies Act 2013: Salary, allowances and other terms and conditions of service of Members
Section 414 shall come into force on 12th September, 2013 vide Notification No. S.O. 2754(E) dated 12.09.2013.
The salary, allowances and other terms and conditions of service of the Members of the Tribunal and the Appellate Tribunal shall be such as may be prescribed:
Provided that neither the salary and allowances nor the other terms and conditions of service of the Members shall be varied to their disadvantage after their appointment.