Tuesday, May 20, 2014

Machinery for the Administration of The Companies Act, 1956

The Companies Act provided for the enforcement of prescribed rules, restrictions and penalties which become essential to have an administrative machinery. Under the Companies Act, Administrative set up is as under:
1. Registrar of Companies (ROC): The ROC is appointed by the Central Government in each state. The office of the ROC is a public office where companies are required to file documents and returns and public is authorized to inspect the same according the provisions of law.
2. The central Government: The overall responsibility for the administration of the Companies Act rests with the Central Government. The centre, on its part, has transferred its administrative power to the authorities that have been constituted under the act. If any change in Indian Company Act is needed, the prima facie permission of the Central Government is necessary.
3. National Company Law Tribunal (NCLT): Under the Companies Amendment Act, 2002 the Company Law Board has been abolished and a Tribunal known as the National Company Law Tribunal has been constituted. The powers which are earlier under the jurisdiction of the Company Law Board have been transferred to Central Government and some to NCLT.

4. Appellate Tribunal: Any person aggrieved by an order or decision of the Tribunal may prefer an appeal to the National Company Law Appellate Tribunal. An appeal shall be filed within a period of 45 days from the date on which a copy of the order or decision is received. However, the Appellate Tribunal may entertain an appeal even after expiry of 45 days if it is satisfied that the appellant was prevented by sufficient cause from not filling the appeal in time.
Any person aggrieved by the decision or order of the Appellate Tribunal may file an appeal to the Supreme court within 60 days from the commencement of the decision or order of the Appellate tribunal to him. However, the Supreme Court may entertain an appeal even after expiry of 60 days if it is satisfied that the appellant was prevented by sufficient cause from not filling the appeal in time.
5. National Advisory Committee on Accounting Standards: As per the Companies Amendment Act, 2002, the Central Government may, by notification in the official gazette, constitute National Advisory Committee on Accounting Standards to advise the Central Government on the formation and laying down of accounting policies and accounting standards for adoption by companies.
6. Official Liquidators: For the purposes of winding up of the companies by the National Company Law Tribunal, there will be an official liquidator. He may be:
a. Appointed from a panel of professional firms of chartered accountants, advocates, company secretaries, cost and management accountant,
b. A Body corporate consisting of such professionals as may be approved by the central government, or
c. may be a whole time or a part time officer appointed by the Central Government.
7. Advisory Committee: For the purpose of advising the Central Government and the National Company Law tribunal on such matters arising out of the administration of the Companies Act, 1956, an Advisory Committee is constituted by the Central Government or by the Tribunal.
8. Securities and Exchange Board of India (SEBI): The SEBI was set in terms of Securities and Exchange Board of India, 1992. It entrusted with the task of protecting the interests of investors in securities market and promoting the development of and regulating the securities market by such measures as it thinks fit. In order to achieve its objectives, SEBI issues from time to time “Investors guidance series to clarify, guide and educate the investor community.
9. Court: According to Section 10, the court that has the jurisdiction in the matter arising under the Act is the High Court having jurisdiction in relation to the place where the registered office of the company is located. High court is an important part of Company Law Board. The central Government may, by a notification in the official gazette, empower the District court having jurisdiction in the district where the company’s registered office is located, to exercise all or such authority vested in the high court as it may deem to be called for.

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