ORDER, [F.No.1/15/2013-CL-V], dated 20th September,
2013
S.O. 2821(E).—Whereas the
Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received
the assent of the President on 29th August, 2013 and Section 1 thereof came
into force on the same date;
And whereas the
provisions contained in section 24, section 58 and section 59 of the said Act
have come into force on the 12th day of September, 2013;
And whereas
section 24 provides for exercise of certain powers regarding prospectus, return
of allotment, redemption of preference shares and other matters specifically
provided in the said Act by the Central Government, Tribunal or the Registrar;
And whereas
section 58 and section 59 of the said Act provide for certain powers of the
Tribunal which deal with hearing of an appeal against the refusal of
registration or rectification of name of members in the register of members of
a company respectively;
And whereas the
constitution of the Tribunal after following the procedure specified under Chapter
XXVII of the said Act is likely to take some time;
And whereas the
provisions of section 55A, section 111 and section 111A of the Companies Act,
1956 (1 of 1956)
which correspond to section 24, section 58 and section 59 of the said Act confer
above said powers on the Company Law Board constituted under the Companies Act,
1956;
And whereas
difficulties have arisen regarding compliance with the provisions of section
24, section 58 and section 59 of the said Act in so far as they relate to
exercise of certain powers by the Tribunal during the period it is duly
constituted under the said Act;
Now, therefore,
in exercise of the powers conferred by sub-section (1) of section 470 of the
Companies Act, 2013 (18 of 2013), the Central Government hereby makes the
following Order to remove the above said difficulties, namely:-
1. Short title
and commencement.-
(1) This Order may
be called the Companies (Removal of Difficulties) Order, 2013.
(2) It shall come
into force on the date of its publication in the Official Gazette.
2. Continuance
of matters, proceedings or cases before the Company Law Board until their transfer
to the Tribunal under Section 434.-
It is hereby
clarified that until a date is notified by the Central Government under
sub-section (1) of section 434 of the Companies Act, 2013 (18 of 2013) for
transfer of all matters, proceedings or cases to the Tribunal constituted under
Chapter XXVII of the said Act, the Board of Company Law Administration shall exercise
the powers of the Tribunal under sections 24, 58 and section 59 in pursuance of
the second proviso to sub-section (1) of section 465 of the said Act.
.
.
.
