The Hindu Business Line : It's business as usual at CLB

In July 2004, the Regional Benches of the CLB passed orders regarding payment of deposits to a total of 40 applicants under the relevant Sections of the Companies Act, 1956 and the Reserve Bank of India Act, 1934.

Under other Sections of the Companies Act, the board has disposed of 440 applications.

Also, the Investor Protection Cell satisfactorily settled 266 complaints during the same period.

As on March 31, 2004 the CLB had a total of 15,312 petition/applications at various levels of which it had disposed of 12,831. The cases pending as on March 31, 2004 were 2,181.

The CLB has been functioning as an independent quasi-judicial body since 1991. Though it has a sanctioned strength of nine members, the constitution of CLB as on March 31, 2004 is of three members, with Mr S. Balasubramaniam officiating as Chairman.

Official sources said, "Efforts are on to seek an extension for Mr Balasubramaniam, whose terms expires in November."

In fact, the Standing Committee on Finance had expressed serious concern that only three members were managing the affairs of the CLB.

The Ministry of Company Affairs in its submissions before the committee had stated that the Companies (Second Amendment) Act, 2002, envisages the establishment of National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT), following which the functions of CLB will be transferred to the Tribunals.

However, the NCLT and NCLAT are yet to be constituted due to stay granted by the Madras High Court.

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