Lawgist13Constitution of a Tribunal
(1) For the purpose of rectification of the register of members of the old company, the Central Government shall, by notification, constitute a Tribunal consisting of one person who is or has been a Judge of a High Court.
(2) If, for any reason, a vacancy (other than a temporary absence) occurs in the office of the presiding officer of the Tribunal, the Central Government shall appoint another person, in accordance with the provisions of this section, to fill the vacancy and the proceedings may be continued before the Tribunal from the stage at which the vacancy is filled.
(3) The Central Government shall make available to the Tribunal such staff as may be necessary for the discharge of its functions under this Act.
(4) All expenses incurred in connection with the Tribunal shall be defrayed out of the Consolidated Fund of India.
(5) The Tribunal shall have power to regulate its own procedure in all matters arising out of the discharge of its functions including the place or places at which it shall hold its sittings:
Provided that the Tribunal shall, as far as practicable, follow the procedure laid down in the Code of Civil Procedure, 1908 (5 of 1908), for the investigation of claims and the decision of the Tribunal shall be final.
(6) The Tribunal shall, for the purpose of making an inquiry under this Act, have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit, in respect of the following matters, namely:--
(a) the summoning and enforcing the attendance of any witness and examining him on oath,
(b) the discovery and production of any document or other material producible as evidence,
(c) the reception of evidence on affidavits,
(d) the requisitioning of any public record from any Court or office,
(e) issue of any commission for the examination of witnesses.
(7) Any proceeding before the Tribunal shall be deemed to be a judicial proceeding within the meaning of section 193 of the Indian Penal Code (45 of 1860), and the Tribunal shall be deemed to be a civil court for the purpose of section 195 and Chapter XXXV of the Code of Criminal Procedure, 1898 (5 of 1898).
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- 1 Short title
- 2 Definitions
- 3 Undertaking of the old company to vest in the Central Government
- 4 General effect of meeting
- 5 Duty to deliver possession of property acquired and documents relating thereto
- 6 Duty to furnish particulars
- 7 Transfer of employees of the old company
- 8 Payment of amount
- 9 Formation and registration of a new company
- 10 Management of the old company
- 11 Custodian to be public servant
- 12 Vacation of office by directors, etc., of the old company
- 13 Constitution of a Tribunal
- 14 Tribunal to call upon persons to make claims
- 15 Determination of genuine shares
- 16 No compensation for cancellation of spurious shares
- 17 Power of Tribunal to entertain and dispose of claims for reimbursement
- 18 Suits and legal proceedings, not to be commenced or proceeded with
- 19 Decision of the Tribunal to be final
- 20 Custodian to reconstruct register of members of the old company
- 21 Custodian to issue fresh share certificates
- 22 No annual general meeting of the old company to be held before the reconstruction of the register of members
- 23 Custodian to file accounts until reconstruction of the register of members of the old company
- 24 Penalties
- 25 Offences by companies
- 26 Offences to be triable by a Magistrate of the first class and not to be compoundable
- 27 Protection of action taken in good faith
- 28 Contracts, etc., in bad faith may be cancelled or varied
- 29 Power to terminate contract of employment
- 30 Power to remove difficulty
- 31 Power to make rules
