National Company Law Tribunal Act

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National Company Law Tribunal & National Company Law Appellate Tribunal

The National Company law Tribunal (NCLT) is a quasi-judicial body established in India that adjudicates issues relating to the Companies in India.

The National Company Law Appellate Tribunal has been constituted for hearing the appeals against the orders of the National Company Law Tribunal.

NCLT and NCLAT have been formed and established under the Companies Act, 2013 w.e.f. 1st June, 2016 under the provisions of section 408 and section 410 of the said Act with a view to redress the company matters in a timely, effective and efficient manner.

Easethebiz.com provides hassle free services related to the under mentioned significant matters which are handled by NCLT & NCLAT:
Section - 14: Conversion Of Private Company Into Public Company And Vice-Versa

Deals with the alteration of Articles of Association for conversion of private company into public company and vice-versa, wherein for altering the articles prior approval of Tribunal is required.

Section-66: Reduction of Share Capital

Subject to confirmation by the Tribunal on an application made by the company, a company limited by shares or limited by guarantee and having a share capital may, by a special resolution, reduce the share capital in any manner and in particular, may—

  1. Extinguish or reduce the liability on any of its shares in respect of the share capital not paid-up

  2. Or
  3. Either with or without extinguishing or reducing liability on any of its shares,—
  1. Cancel any paid-up share capital which is lost or is unrepresented by available assets
  2. Pay off any paid-up share capital which is in excess of the wants of the company, Alter its memorandum by reducing the amount of its share capital and of its shares accordingly
Section -131: Voluntary Revision of Financial Statement or Board Report
If it appears to the directors of a company that—
  1. The financial statement of the company
  2. The report of the Board

Do not comply with the provisions of section 129 or Section 134 of the Companies Act, 2013 they may prepare revised financial statement or a revised report in respect of any of the three preceding financial years after obtaining approval of the Tribunal on an application made by the company in such form and manner as may be prescribed

Section - 230-232: Compromise & Arrangement:

Any Scheme of Compromise or Arrangement including Mergers & Amalgamation are allowed subject to the approval of Tribunal by following the prescribed provision of the Act and Rules & Regulations prescribed there under.

Section-252: Revival and Restoration of strike-off company:

Any person aggrieved by an order of the Registrar, notifying a company as dissolved under section 248, may file an appeal to the Tribunal within a period of three years from the date of the order of the Registrar and if the Tribunal is of the opinion that the removal of the name of the company from the register of companies is not justified in view of the absence of any of the grounds on which the order was passed by the Registrar, it may order restoration of the name of the company in the register of companies

Section-270-365: Winding up of the Companies:

Company either voluntary or under certain circumstances as may be prescribed under provision of the Act, can by wound-up by applying to the Tribunal for the same.

Section - 441: Compounding of Offences:

Any offence punishable under the Companies Act, 2013 (whether committed by a company or any officer thereof) [not being an offence punishable with imprisonment only, or punishable with imprisonment and also with fine, may, either before or after the institution of any prosecution, be compounded by—

  1. The Tribunal
  2. Where the maximum amount of fine which may be imposed for such offence does not exceed five lakh rupees, by the Regional Director or any officer authorized by the Central Government

Further it may be noted that any offence which is punishable under the said Act, with imprisonment or fine, or with imprisonment or fine or with both, shall be compoundable in the Tribunal with the permission of the Special Court, in accordance with the procedure laid down in that Act for compounding of offences.