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The
Central Government constituted an independent Company Law Board (CLB) vide
Notification No. 364 dated the 31st May, 1991 in terms of
Section 10(E) of the Companies Act, 1956. The Board is a quasi-judicial
body, which exercises some of the judicial and quasi-judicial powers,
which were earlier being exercised by the High Court or the Central
Government. The Board is not subject to the control of the Central
Government and has powers to regulate its own procedures and act in its
own discretion. The Board has its Principal Bench at Delhi, an additional
Principal Bench for Southern States at Chennai and four Regional Benches
located at Delhi, Mumbai, Kolkata and Chennai. The constitution of CLB as
on 31.12.2002 was as
follows:- |