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Richa Mishra

New Delhi , Jan. 25

THE Company Law Board (CLB) is soon to get new faces on its board.

Soon after getting the nod from the Chief Justice of India (CJI), Mr Justice R.C. Lahoti, the Ministry of Company Affairs (MCA), has decided to fill the vacancies in the CLB.

"We are going to issue advertisements for the same soon," official sources said. The Ministry proposes to bring the total strength of CLB including the Chairman to five. Currently, there are only three members managing the functioning of the board.

Recently, the Government had extended the terms of its Chairman and a member for a period of six months as the board was left with a lone member, Mr K.K. Balu.

The officiating Chairman of the CLB, Mr S. Balasubramanian's term expired on November 3 and that of Mr K.C. Ganjwal on November 28. In fact, though it has a sanctioned strength of nine members, the constitution of CLB as on March 31, 2004 has been of three members, with Mr S. Balasubramanian officiating as Chairman.

In its report the Standing Committee on Finance had expressed concern that only three members were managing the affairs of the CLB. "This affects the disposal of petitions substantively," the panel said.

The Ministry, 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.

The committee noted that the CLB has been functioning as an independent quasi-judicial body since May 1991.

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