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Our Bureau

New Delhi , Aug. 25

A PARLIAMENTARY panel has deplored the Government for its apathy towards the Company Law Board (CLB). The Standing Committee on Finance (2004-05) in its report noted with serious concern that only three members as against the sanctioned strength of nine members were managing the functioning of the CLB. "This affects the disposal of petitions substantively," the panel said.

The functions of the CLB are to be transferred to the newly created National Company law Tribunal (NCLT), which is not functional at present due to a stay granted by the High Court. "Till the stay is vacated and NCLT made fully operational, the Government should take steps to fill the vacant posts in the CLB," it said.

The committee noted that the CLB has been functioning as an independent quasi-judicial body since May 1991. The Board has a sanctioned strength of nine members, but as on March 31, 2004, it has only three members, which includes the officiating chairman.

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