Amendment in regulation 2, substitution of regulation 4 and omission of regulations 5 and 6 of the Company Law Board Regulations, 1991 - GSR 593(E) - Companies Law

GSR 593(E) [F. NO. l(10)88-CL-V/CLB], DATED 25-7-1994 Subject:- Amendment in regulation 2, substitution of regulation 4 and omission of regulations 5 and 6 of the Company Law Board Regulations, 1991 G.S.R. 593(E).- In exercise of the powers conferred by sub-section (6) of section 10E of the Companies Act, 1956 (1 of 1956), the Company Law Board hereby amends the Company Law Board Regulations, 1991, namely: 1. (1) These regulations may be called the Company Law Board (Amendment) Regulations, 1994. (2) They shall come into force on the date of their publication in the Official Gazette. Definition 2. In Regulation 2 of the Company Law Board Regulations, 1991 (hereinafter referred to as the Principal Regulation) ( a ) for clause ( e ) the following shall be substituted: " ( e ) 'Bench' means a bench of the Board and includes the Principal Bench and a member sitting singly"; ( b ) for clause ( m ) the following shall be substituted, namely : "( m ) 'Member' means a Member (whether judicial or technical) of the Board and includes the Chairman and Vice Chairman"; ( c ) after clause ( x ) the following clause shall be added, namely : " ( y ) 'Vice-Chairman' means Vice-Chairman of the Board." 3. In the Principal Regulation, for regulation 4, the following shall be substituted, namely: "4. Power of the Chairman to specify matters which may be dealt with by a Bench. - (1) It shall be lawful for the Chairman to provide that matters falling under sections 235, 237, 247, 248, 250, 388B, 408 and 409 and matters falling under Chapter VI of Part VI of the Act and under section 2A of the Monopolies Act and all other matters incidental thereto shall be dealt with by a Bench consisting of not less than two members, including the Chairman or the Vice-Chairman (which shall be known as the Principal Bench). (2) The Principal Bench shall be at New Delhi but the Principal Bench may sit at such places in India and at such time as may be most convenient in exercise of its powers and functions in India. (3) It shall be lawful for the Chairman to provide that matters falling under sections 111 and 269 of the Act and under section 22A of the Securities Act shall be dealt with by a Bench consisting of not less than two members and all other matters not falling under sub-regulations (1) and (3) of this regulation including issuing of directions and interlocutory matters may be dealt with by a Bench consisting of a single member: Provided that notwithstanding anything contained in regulation 7, it shall be lawful for the Chairman to transfer any matter pending before any Regional Bench to the Principal Bench, for reasons to be recorded in writing." Omission of regulation 5 4. Regulation 5 of the Principal Regulation shall be omitted. Omission of regulation 6 5. Regulation 6 of the Principal Regulation shall be omitted.