Question

Write short note on powers of Company Law Board.

Answer 1

We all know about the dispute resolution mechanism under the provisions of Companies Act, 1956. Till 2002 amendments to the Companies Act, 1956, significantly, the dispute resolution mechanism was vested with the Company Court and the Company Law Board. Company Court is nothing but High Court having jurisdiction to entertain certain company matters like winding-up and amalgamation petitions etc.

Answer 2

It is although not essential to calling a meeting of a company, instead of  annual general meeting, or conduct the meeting of the company in the manner prescribed by this Act or law of the Company Law Board may, or of any member of the company who would be entitled to vote at the meeting,

(a) order a meeting of the company to be called, held and conducted in such manner as the Company Law Board thinks adequate and

(b) give such consequential directions as the Company Law Board thinks prudent, including directions modifying in relation to the calling, holding and conducting of the meeting, the operation of the provisions of this Act of the company's articles.