National Company Law Tribunal cannot come a Day Soon
The Company Law Board Chairman, Mr S. Balasubramanian, said here on Wednesday that if the proposed National Company Law Tribunal did not become operational soon, speedy delivery of justice in company-related cases might suffer. He said that as the proposed tribunal was to replace 
CLB and the Board for Industrial and Financial Reconstruction (BIFR) and the jurisdictional power of High Courts in relation to the company affairs was also to be vested with the tribunal, there had not been any move to strengthen CLB in the past few years.
UNDERSTAFFED
“CLB is understaffed. Currently, it has only three members out of sanctioned six. In 2002, CLB had two adjudicating members, including the Chairman, presiding over four benches in Delhi, Chennai, Mumbai and Calcutta,” he said. If things went this way, he warned, CLB might collapse. A significant number of cases awaiting disposals were pending before the CLB and the High Courts. The Supreme Court has already heard the matter and is expected to pass its judgement on the formation of the tribunal and the appellate tribunal. Mr Balasubramanian, who would retire shortly, was speaking at a farewell function, organised here by the Eastern India Regional Council of the Institute of Company Secretaries of India.
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