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NATIONAL COMPANY LAW TRIBUNAL & ROLE OF CMA

NATIONAL COMPANY LAW TRIBUNAL & ROLE OF CMA. Presented by TANGATUR SUBOSE CHANDRA BOSE M.Com ., F.C.M.A., PRACTICING COST ACCOUNTANT. INTRODUCTION. Companies Act 1956 was Superseded with Companies Act 2013.

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NATIONAL COMPANY LAW TRIBUNAL & ROLE OF CMA

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  1. NATIONAL COMPANY LAW TRIBUNAL & ROLE OF CMA Presented by TANGATUR SUBOSE CHANDRA BOSE M.Com., F.C.M.A., PRACTICING COST ACCOUNTANT

  2. INTRODUCTION • Companies Act 1956 was Superseded with Companies Act 2013. • Formation, Role & Responsibilities of National company Law Tribunal (NCLT given in Act 2013) • Act provided two bodies i.e., NCLT & NCLAT • Powers / Jurisdiction of Corporate Restructuring, Arrangement, Amalgamation, winding up etc., handled by CLB, BIFR, AAIFR, Sick Industrial Companies is Consolidated here - Corporate Jurisdiction.

  3. Company Law Board was dissolved after formation of NCLT • NCLT is a Quasi judicial body adjudicates issues relating to Indian Companies. Civil Courts have no Jurisdiction for suit filing / injection of orders of NCLT. • Companies Act 2013 Chapters XXVII, XXVIII & XXIX covers various provisions of NCLT.

  4. OBJECTS & ROLE OF NCLT a) Initiate Cases pending in Company Law Board for Compromise, Arrangement & Amalgamation b) Initiate cases pending with BIFR & Sick Industrial Companies Act 1985 – Revival &Rehabilitation c) Pending cases before AA for Industrial & Finance Reconstruction d) Pertaining to claims, Oppression & Mismanagement of Company , Share Capital reduction, Winding up.

  5. CONSTITUTION • Ministry of Company Affairs constituted 13 Benches • Principal Bench at New Delhi. Regional Benches 12 numbers at Ahmedabad, Allhabad, New Delhi, Kolkatta, Mumbai, Chennai, Bangalore, Hyderabad, Jaipur, Chandigarh, Gawhati, Kochin. • Each bench has Jurisdiction of 2 or more states

  6. COMPANIES ACT 2013 CHAPTER XXVII • Covers Sections 407 to 434 of Companies Act 2013 • Definitions of various terminologies • Constitution of NCLT & NCLAT • Qualifications of President/Chairperson & Members • Members selection procedure, their term & removal / resignation procedure. • Salaries, allowances, other terms & conditions • President ,Members & staff are of public servants Contd.,

  7. Formation of Regional Benches • Bench have President , 16 Judicial & 9 Technical members including CA ,CMA & CS • Orders of Tribunal & Appeal procedure • NCLT ---- NCLAT ----- Supreme Court • Delegation of Powers, Power to Punish for contempt. • Protection against action taken on Good faith.

  8. CHAPTERXXVIII • Covered under sec 435 to 446 • Establishment of Special Courts, Offences triable by Special courts, Appeals & revision. • Application of code to Proceedings before Special Courts, Offences to be non – cognizable, Transitional provisions, Compounding of Certain offences. • Mediation & Conciliation of panel, Power of C G to appoint company prosecution, Appeal against acquittal. • Compensation for acquisition without reasonable cause. Application for fines.

  9. CHAPTER XXIX • Covers under Sec. 447 to 470 • Chapter covers miscellaneous provisions. • Punishment for fraud, false statement / evidence. • Punishment where no specific penalty or punishment is prescribed. • Punishment in case of repeated default, punishment for wrongful, withholding of property, punishment for improper use of Ltd (or ) Pvt. Ltd., • Adjudication of penalties , dormant company • Condonation of delays in certain cases, Annual report by Central Government. • Powers to exempt class or classes of companies from Tribunal.

  10. ROLE OF COST ACCOUNTANTS • Preparation of revival Scheme for Sick undertakings, working out an acceptable package for all creditors & Stake holders. • Preparation Schemes for Amalgamation & Arrangement of the companies. • Preparation of Schemes for compromises between creditors, & different classes of shareholders. • Revival schemes of Sick Industrial Companies • Winding up schemes ensuring equity for all

  11. The job requires not only knowledge of Finance, Accounting, number crunching & concerned laws but also soft skills of communication coupled with diplomatic handling of conflicting interest & IT regulation on un absorbed depreciation & C/ F losses CMAs should acquire knowledge • a) Companies Act 2013 Provisions & Rules • b)Accounting standards regarding Amalgamation creation of goodwill & CR • c) Previous & steps regarding winding up • d) Cases covering Rehabilitation schemes under BIFR & AAIFR

  12. THANKING YOU

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