CONSTITUTION OF NATIONAL COMPANY LAW TRIBUNAL

SALARY AND ALLOWANCES (SECTION 415):

The salary, allowances and other terms and conditions of service of the Members of the Tribunal and the Appellate Tribunal shall be such as may be prescribed. Neither the salary and allowances nor the other terms and conditions of service of the Members shall be varied to their disadvantage after their appointment.

ACTING PRESIDENT OR CHAIRPERSON (SECTION 415):

In the event of the occurrence of any vacancy in the office of the President or the Chairperson by reason of his death, resignation or otherwise, the senior-most Member shall act as the President or the Chairperson, until the date on which a new President or Chairperson appointed in accordance with the provisions of this Act to fill such vacancy enters upon his office.

When the President or the Chairperson is unable to discharge his functions owing to absence, illness or any other cause, the senior-most Member shall discharge the functions of the President or the Chairperson, as the case may be, until the date on which the President or the Chairperson resumes his duties.

RESIGNATION OF MEMBERS (SECTION 416):

The President, the Chairperson or any Member may, by notice in writing under his hand addressed to the Central Government, resign from his office. The President, the Chairperson, or the Member shall continue to hold office until the expiry of three months from the date of receipt of such notice by the Central Government or until a person duly appointed as his successor enters upon his office or until the expiry of his term of office, whichever is earliest.

REMOVAL OF MEMBERS (SECTION 417):

The Central Government may, after consultation with the Chief Justice of India, remove from office the President, Chairperson or any Member, who—

(a) has been adjudged an insolvent; or

(b) has been convicted of an offence which, in the opinion of the Central Government, involves moral turpitude; or

(c) has become physically or mentally incapable of acting as such President, the Chairperson, or Member; or

(d) has acquired such financial or other interest as is likely to affect prejudicially his functions as such President, the Chairperson or Member; or

(e) has so abused his position as to render his continuance in office prejudicial to the public interest.

The President, the Chairperson or the Member shall not be removed on any of the grounds specified in clauses (b) to (e) without giving him a reasonable opportunity of being heard.

The President, the Chairperson or the Member shall not be removed from his office except by an order made by the Central Government on the ground of proved misbehaviour or incapacity after an inquiry made by a Judge of the Supreme Court nominated by the Chief Justice of India on a reference made to him by the Central Government in which such President, the Chairperson or Member had been informed of the charges against him and given a reasonable opportunity of being heard.

The Central Government may with the concurrence of the Chief Justice of India, suspend from office, the President, the Chairperson or member against whom the reference has been made.

The Central Government shall, after consultation with the Supreme Court, make rules to regulate the procedure for the inquiry on the ground of proved misbehaviour or incapacity.

STAFF OF TRIBUNALS (SECTION 418):

The Central Government shall, in consultation with the Tribunal and the Appellate Tribunal, provide the Tribunal and the Appellate Tribunal, as the case may be, with such officers and other employees as may be necessary for the exercise of the powers and discharge of the functions of the Tribunal and the Appellate Tribunal.

The officers and other employees of the Tribunal and the Appellate Tribunal shall discharge their functions under the general superintendence and control of the President, or as the case may be, the Chairperson, or any other Member to whom powers for exercising such superintendence and control are delegated by him.

The salaries and allowances and other conditions of service of the officers and other employees of the Tribunal and the Appellate Tribunal shall be such as may be prescribed.

DISSOLUTION OF COMPANY LAW BOARD (SECTION 466):

The Board of Company Law Administration shall stand dissolved on constitution of the Tribunal and the Appellate Tribunal.

Subject to and according to other provisions of this Section; President, Chairperson, Members, Officers, Employees, shall become President, Chairperson, Members, Officers, Employees of the Tribunal and Appellate Tribunal.

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