Amended and updated notes on section 417A of Companies Act 2013. Detail discussion on provisions and rules related to qualifications, terms and conditions of service of Chairperson and Member.
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 417A of CA 2013 provides for qualifications, terms and conditions of service of Chairperson and Member.
Recently, we have discussed in detail section 417 (Removal of Members) of CA 2013. Today, we learn the provisions of section 417A of the Companies Act 2013.
The provisions of section 417A are effective from 26th May, 2017. You may refer the Finance Act, 2017. In this article, you will learn detail of the provisions of section 417A the Companies Act 2013.
| 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. | 417A |
| Section Name | Qualifications, terms and conditions of service of Chairperson and Member |
| Monthly Updated Edition | Company Law PDF |
Section 417A of Companies Act 2013: Qualifications, terms and conditions of service of Chairperson and Member
Section 417A shall come into force on 26th May, 2017 vide the Finance Act, 2017
Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the Chairperson and other Members of the Appellate Tribunal appointed after the commencement of [the Tribunals Reforms Act, 2021, shall be governed by the provisions of Chapter II of the said Act:]1
Provided that the Chairperson and Member appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act and the rules made thereunder as if the provisions of section 184 of the Finance Act, 2017 had not come into force.
1Section 417A has been amended (substituted w.e.f. 4th April, 2021) by the Tribunals Reforms Act, 2021.