(a) whether the Government proposes to establish a National Company Law Tribunal (NCLT) for the protection of interests of investors;
(b) if so, the details along with the salient features and the powers thereof;
(c) whether the Government has identified locations for setting up the benches of the NCLT, if so, the details thereof; and
(d) the steps being taken by the Government to equip NCLT with an effective body do deal with cases related to company law?
THE MINISTER OF STATE (SHRI ARJUN RAM MEGHWAL)
IN THE MINISTRY OF CORPORATE AFFAIRS
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(a) and (b): National Company Law Tribunal (NCLT) has been notified on 01.06.2016. NCLT has been entrusted with, inter-alia, adjudicating cases of oppression and mismanagement, class action suits, protection of interests of dissenting preference shareholders in cases of requests of company for further time for redemption, directing calling Annual General Meetings and Extra Ordinary General Meetings in cases of failure on the part of companies, ordering investigation into affairs of the companies as well as freezing of assets of companies during such inquiries or investigations and ordering disgorgement of assets, property or cash in cases of fraud. For exercising its jurisdiction, NCLT has been endowed with powers to delegate inquiry related to proceedings before it, securing assistance of a magistrate or collector to take possession of property, books etc and committing contemnors of its orders to contempt.
(c) and (d): NCLT has been established at 10 locations namely New Delhi, Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai. President and Members of NCLT have taken charge. Infrastructure have been provided at all the ten locations and Ministry has taken requisite steps to provide supporting staff to this body.
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