NCLTThe government has started the process for selecting members for the National Company Law Tribunal (NCLT).

The tribunal, to be set up under the Companies Act, 2013, will replace the Company Law Board (CLB).

In a written reply to the Rajya Sabha on Tuesday, Corporate Affairs Minister Arun Jaitley said the process for constitution of NCLT has already been initiated, with “the selection process for (judicial as well as technical) members of NCLT and technical members of National Company Law Appellate Tribunal (NCLAT) having commenced”.

Steps have also been taken to make provisions for infrastructure and other supportive requirements for the tribunals, he added.

About the expert panel set up to review the Act, Jaitley said the Companies Law Committee (CLC) received about 2,000 suggestions from various quarters, including industry chambers.

“With a view to having broad-based deliberations on the suggestions received, six groups were formed having representation from industry and experts. The recommendations of CLC would be dealt with appropriately,” Jaitley said.

Amid concerns about certain provisions in the new Act, the Corporate Affairs Ministry had set up the panel in June.

As per the terms of reference, the panel will “make recommendations to the government on issues arising from the implementation of the Companies Act, 2013”.

The Ministry has already made a series of changes to the Companies Act, 2013, most provisions of which came into effect from April 1, 2014. Besides, various rules have been amended.

Source – ET, 02.12.2015