What does CLB mean in INTERNATIONAL BUSINESS
Abbreviations are commonly used in the business world to represent longer names or terms. CLB is one such acronym often used across businesses. It stands for Company Law Board. While it is an important legal board in India, its full name may not be known to people outside of the business world. This article will explain what CLB stands for in detail and provide some background information about what this board does.
CLB meaning in International Business in Business
CLB mostly used in an acronym International Business in Category Business that means Company Law Board
Shorthand: CLB,
Full Form: Company Law Board
For more information of "Company Law Board", see the section below.
Meaning of CLB
The acronym CLB stands for the Company Law Board (CLB). The Company Law Board (CLB) was established under Companies Act, 1956, as a quasi-judicial body with the responsibility of overseeing company disputes and their resolutions through settlement or adjudication. It has the powers conferred on civil courts like that of summoning & enforcing attendance of parties & examining them on oath, etc.
The CLB also had appellate jurisdiction over certain categories of cases instituted before various tribunals and other authorities constituted under the Companies Act, 1956 like Satyam IT Services Pvt Ltd case. Eventually, following the passing into law of the Companies Act 2013, in 2016 all provisions applicable to tribunals under section 10C were removed by repealing section 10C via amendments made by Appropriate Acts 2015 thereby removing powers vested with the CLB under this section.
Role & Functions
The primary role of the Company Law Board (CLB) is to assess appeals from orders passed by statutory authorities such as Regional Directors and Registrar of Companies, as well as appeals against decisions made by company shareholders or board members during disputes over management or dissolution procedures. It also has oversight power over companies involved in fraud or mismanagement practices and those that have neglected their fiduciary duty towards stakeholders or employees. Other responsibilities include ensuring compliance with corporate laws on capital markets; issuing orders related to amalgamations, mergers and takeovers; adjudicating penalties due to non-compliance; and approving voluntary liquidation petitions filed by companies looking to wind up operations without going into bankruptcy proceedings. The board can also hear grievances relating to issues related to capital restructuring plans like exchange offer schemes when they are initiated by corporations having a paid-up share capital worth Rs 500 crore or more.
Essential Questions and Answers on Company Law Board in "BUSINESS»INTBUSINESS"
What is a Company Law Board?
The Company Law Board (CLB) is an independent quasi-judicial authority constituted under the Companies Act, 1956 for the purpose of resolving issues related to company law disputes. The CLB has a Chairman, and one or two members who are appointed by the Central Government based on the principles of fairness and justice.
What kind of cases does the Company Law Board hear?
The Company Law Board hears cases related to disputes between companies, their shareholders, creditors, liquidators and other stakeholders, as well as matters relating to oppression and mismanagement. It also reviews applications made for amalgamations, mergers and demergers of companies.
What is the procedure for filing a petition before the Company Law Board?
A petition can be filed before the CLB by any person aggrieved by an order passed by the registrar of companies or any other statutory authority in relation to company matters. Such petitions must be accompanied by proof that all concerned parties have been properly notified and served copies of the same.
How long does it take for a petition to be heard by the Company Law Board?
Generally speaking, an application can take anywhere between three months to one year for hearing before a final order is passed. However this time frame may vary depending upon the complexity of each case.
Is there any fee payable upon filing a petition with the CLB?
Yes, there is a fee involved that must be paid to initiate proceedings through filing a petition before CLB. The amount will depend upon factors such as type of matter involved and nature of relief sought among others.
Who conducts hearings at CLB?
Generally speaking hearings are conducted in CLB chambers either directly by its chairman or members or through its bench headed either wholly/partially by its Chairman or Members.
Is it possible to appeal against orders issued by CLB?
Yes, it is possible to file appeals against orders issued by CLB within a period prescribed under Companies Act before Delhi High Court Division Bench where applicable rules framed under different sections apply as may be directed from time to time or Concerned Regional Benches at various cities throughout India where applicable rules framed under different sections apply as may be directed from time to time.
Is legal representation allowed before Company Law Board while filing appeals or attending hearings?
Yes, advocates duly registered with state bar councils and having valid practicing license can appear in proceedings initiated in CLB chambers along with suitable authorized representatives from respective Companies etc who fulfill required qualifications conditions if specified in applicable circumstances/rules/regulations etc.
Final Words:
In conclusion, it can be said that Company Law Board (CLB) is an important quasi-judicial body established in India that handles corporate disputes between shareholders and board members as well as appeals from orders passed by statutory authorities such as Regional Directors and Registrar of Companies. It has senior judicial officers appointed from legal backgrounds who understand civil laws which give them oversight powers over companies likely involved in fraudulent activities or negligence towards stakeholders’ interests and rights. The primary aim of this body is to resolve matters between corporations through compromise rather than order litigation which takes a longer time period for resolution ultimately saving costs associated with lawsuits while providing swift justice within reasonable time periods through its dispute resolution mechanisms available at its disposal.
CLB also stands for: |
|
| All stands for CLB |