Advertisements
Advertisements
Question
Justify the following statement:
The central government has empowered NCLT with certain powers
Solution
The powers of National Company Law Tribunal (NCLT):
(1) NCLT has the power to hear and decide civil disputes or all proceedings related to compromise, arrangement, and reconstruction of a company.
(2) NCLT has the power to hear and decide all the winding-up petitions on the ground of insolvency, i.e. inability of the company to pay its debts and on any other grounds. I
(3) NCLT has the power to hear and decide petition filed by the company and request letter received from the company for the extension of time for repayment of deposits on genuine grounds.
(4) It has also the power to hear and decide cases in relation to oppression and mismanagement of a company.
(5) If Annual General Meeting (AGM) or Extraordinary General Meeting (EOGM) is not convened by the company in prescribed time or on request of a majority of members, the NCLT has the power to pass an order to call for holding AGM or EOGM of a defaulting company
(6) NCLT has the power to direct a company not to dispose of funds of a company and to freeze the assets of a company for being used against the interest of the company.
(7) NCLT has power to hear and decide grievances or complaints of the investors in regard to the rejection of transfer of shares and other securities.
APPEARS IN
RELATED QUESTIONS
Select the correct answer from the options given below and rewrite the statement.
________ is the Quasi judicial body set up by Central Government to grant certain approval and deicide disputes under the provisions of Companies Act.
Match the pairs:
| Group ‘A’ | Group ‘B’ | ||
| a) | Administration of Companies Act, 2013 | 1) | SEBI |
| b) | ROC | 2) | Hears appeals against orders of NCLT |
| c) | NCLAT | 3) | NCLT |
| d) | Regulator of Securities Market | 4) | Incorporation of companies |
| e) | Quasi-judicial body | 5) | MCA |
| 6) | Board of directors | ||
| 7) | Companies Act 2013 | ||
| 8) | Regional Director | ||
| 9) | Chennai | ||
| 10) | Liquidator |
Write a word or a term or a phase which can substitute for the following:
Authority that handles corporate civil disputes in India.
State whether the statement is true or false:
NCLT has jurisdiction over proceedings on matters of disputes arising under Companies Act.
Complete the sentence.
The authority which handles corporate civil disputes is called as ___________.
Explain the following term/ concept:
National Company Law Tribunal (NCLT).
Answer in brief:
State the powers of NCLT.
Attempt the following:
Write a letter to NCLT seeking an extension of the time of reply public deposits.
