Wait before celebration. Caution is buzz word at all transition. Celebration may be deferred till first anniversary.
Now, yes; a press release dated 1st June 2016 time 17.14 IST announce establishment of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) with dissolution of Company Law Board (CLB). Observer, rightly say, this is name change only with minor changes to facilitate – like appointment of Chairperson NCLAT.
The Ministry of Corporate Affairs has, according to said press release, issued notification for constitution of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) with effect from today i.e. 1st June, 2016. Honourable Justice S. J. Mukhopadhaya, Judge (Retd.), Supreme Court of India has joined as the Chairperson of the NCLAT and Honourable Justice M. M. Kumar, Judge (Retd.) has joined as the President of the NCLT.
With the constitution of the NCLT, the Company Law Board constituted under the Companies Act, 1956 stands dissolved.
Initially, NCLT will have eleven Benches, two at New Delhi and one each at Ahmedabad, Allahabad, Bengluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai.
Same time, in absence of Ministry of Corporate affairs on twitter and other social media, official twitter handle of Ministry of Finance socially announced the same:
Till the time of posting this blog post; neither relevant notification was uploaded to official gazette website nor copy of unpublished draft notification uploaded on website of Ministry of Corporate Affairs.
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