#NCLT status since its introduction

More than 9,000 cases are under consideration of the National Company Law Tribunal (#NCLT), including over 2,500 cases of insolvency, according to the government.

A total of 9,073 cases are under consideration in NCLT as on January 31, 2018:-
1,630 cases of merger and amalgamation,



2,511 cases of insolvency; and 




4,932 cases under other sections of Companies Act.





Minister of State for Corporate Affairs P P Chaudhary told the #RajyaSabh.

The Company Law Board was dissolved following the setting up of the NCLT under the Companies Act, 2013.
"Systems and procedures, including electronic/ information technology systems are being used on extensive basis to ensure quick disposal of cases," said Mr. Chaudhary.

Comments

Post a Comment

Popular posts from this blog

What is Corporate Identity Number (CIN)?

Image
Corporate Identity Number ( CIN ) , is a unique 21 digit Alpha-Numeric Code issued by Ministry of Corporate Affairs (MCA) for all the Companies registered under Companies Act, 2013.  Here in the example above, we have taken CIN of Reliance Industries Limited (RIL) from MCA Website  and code is broken into different categories for reader to understand the structure of CIN with ease. 1) Listing Status - First Alphabet First Letter (alphabet) of CIN suggests Listing Status of the Company. Where L  indicates, the Company is listed on recognised stock exchange in India and U indicates it is unlisted Company 2 to 5) Industry Code - next 5 numbers Immediately, after Listing status, CIN has 5 numeric digits which represents Industry Code of the Company. Every Company, registered under Companies Act, 2013, has a Main Object. All those main objects are divided into few broad categories and these 5 digits represents the major activity or the industry of the Company. Click
Read more

Conversion of LLP into Company

The concept of Limited Liability Partnership (LLP), was introduced in India by way of Limited Liability Partnership Act, 2008 and LLP Rules, 2009. As name suggest, in case of LLP, all partners have limited liabilities.  LLP is hybrid of Partnership Firm and Company, it is an alternative corporate form of business organization which gives the benefits of limited liability of a Company and the flexibility of a Partnership. As per LLP Act, read with relevant Rules, any other form of business such as a partnership set up under the provisions of Indian Partnership Act, 1932, a private limited company and an unlisted public limited company can convert itself into LLP pursuant to the provisions of LLP Act, 2008. However, neither of LLP Act nor Companies Act, 1956 provided a provision for conversion of LLP into Private Limited Company. However, with Companies Act, 2013 a provision of conversion of LLP into Private Company was introduced under Section 366 of the Companies Act, 2013. Secti
Read more

Website – Compliance under Companies Act, 2013

What is Website? A Website is a set of related web pages located under a single domain name. Commonly it is also known as virtual address and website of a Company gives company a virtual existence on the internet. In current world, having a website is must for every Business. The Internet has grown at an incredibly fast speed, reaching 3.68 billion users (40% of world’s population) by December 2015. Today, it is almost criminal for a business to not be online. Does Companies Act, 2013 mandates Company to have its own website like Registered Office address? Answer is NO. It is not mandatory for Company to have its own website. The Companies Act, 2013, Rules or notification issued under the Companies Act, 2013 does not mandates the Company to have its own website. However, for Listed Companies, Securities and Exchange Board of India (SEBI), has made it mandatory to maintain a functional and updated website with effect from April 2011 [Initially under Listing Agreement and t
Read more