Month: July 2016

ICSI opposed establishment of the NCLT bench in Gwalior

Highest number of cos, CAs, CS’, advocates located in the city , Institute of Company Secretaries of India (ICSI) opposed establishment of the bench in Gwalior. Indore : A large number of company secretaries, chartered accountants and advocates have opposed the move of setting up a bench of National Company Law Tribunal (NCLT) in Gwalior, replacing the original plan of establishment of the bench in the city. They have demanded that owing to all criteria a bench of NCLT must be set up in the city only, where more than half of the state’s company secretaries (CS’), chartered accountants, (CAs) and companies are present. Companies Act 2013 has enabling provisions for establishment of nine benches of NCLT, a specialised dedicated high court level court, to provide single window judicial forum for speedy disposal of cases of investors, corporate bodies and other stakeholders. At present the interest of them is being looked after by three bodies, i.e. Company Law Board (CLB), Board for Industrial & Financial Reconstruction (BIFR) and High Courts. To serve objective of parliament, which enacted NCLT provisions, criterion for setting-up of NCLT bench highlights that it must be established at places where there are large number of companies and investor forums are situated and where there are enough qualified professionals having relevant experience like CS, CA, senior counsels. Legally only these are authorised to appear before a...

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