Business Daily from THE HINDU group of publications
Tuesday, Jun 20, 2006
Business Daily from THE HINDU group of publications Tuesday, Jun 20, 2006 |
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Corporate
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Courts/Legal Issues CLB reports reduction in pendency of cases Our Bureau
Kolkata , June 19 The Company Law Board has reported reduction in pendency of cases, a scenario that stems from heightened activity in the last few months. Its benches are currently taking up and disposing of cases quicker than before, Mr S. Balasubramanian, Chairman of CLB, said here on Monday. The Board, for which 55-60 per cent of the cases pertain to Sections 397 and 398 (that is, those dealing with `oppression and mismanagement'), is currently directing its resources towards handling miscellaneous cases, including a few concerning public deposits.
Amicable settlement
CLB is ready to ensure that the parties concerned settle matters related to oppression and mismanagement in the most amicable manner, Mr Balasubramanian indicated, while addressing members of Bengal National Chamber of Commerce and Industry here on Monday. Non-repayment of deposits, however, still present a somewhat sticky scenario, it is conceded. Schemes of repayment, which are charted by CLB need to be followed by the companies concerned, is the view of the Board. In the southern region, 80-85 per cent of once-defaulting companies have by and large repaid deposits in accordance to the schemes; in a number of cases, depositors have been repaid in instalments, it is pointed out.
MCA-21 tricky
Among the major issues before the CLB are those that relate to the implementation of MCA-21and the passage of the proposed Companies Bill in Parliament. MCA-21 is expected to stabilise in the next one year or so, while the new-look companies' legislation is expected to be taken up in the winter session of the Parliament. Mr Balasubramanian also pointed out that the case involving the proposed National Companies Law Tribunal is expected to come up in the Supreme Court by August. While the Companies Act 1956 may have to be amended for this, the process of selection of members could take six or seven months.
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