The Central Government in words of Section 10(E) of the Companies Act, 1956 constituted an independent Company Law Board (CLB) vide Notification No. 364 dated the 31st May 1991. The CLB is a quasi-judicial body, working on equitable jurisdiction, which was earlier being exercised by the High Court or the Central Government.
The Board has powers to regulate its own procedures. The Company Law Board has made Company Law Board Regulations 1991” aforesaid rules the procedure for filing the applications/petitions before it. The Central Government has also prescribed the fees for creating applications/petitions before the Company Law Board, under the “Company Law Board, (Fees on applications and Petitions) Rules 1991”.
The Board has its Principal Bench at New Delhi, and four Regional branches situated at New Delhi, Mumbai, Kolkata, and Chennai.
The issue falling under sections 247, 250, 269, 388B of the Companies Act, 1956 are being dealt with by the Principal Bench. The issue falling under sections 58AA, 79/80A, 111/111A, 113/113A, 117, 117C, 118, 144, 163, 167, 186, 196, 219, 235, 237(b),247, 250, 284, 304, 397/398, 408, 409, 614 and 621A of the Companies Act, 1956 and section 45QA of the Reserve Bank of India Act, 1934 are dealt with by Regional branches, namely New Delhi Bench, Kolkata Bench, Mumbai Bench and Chennai Bench consisting of one or more member.
In terms of Section 10F of the Companies Act, any member aggrieved by any decision or order of the Company Law Board may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Company Law Board to him on any question of law arising out of such order.