The Eastern India Regional Council of The Institute of Company Secretaries of India(EIRC of ICSI) organised National Seminar on NCLT (National Company Law Tribunal} and NCLAT {National Company Law Appellate Tribunal} on April 23rd 2016 at Hotel Park, Kolkata, today.
The Institute has been organising a series of National Seminars on National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT), for building capacity to face the forthcoming professional challenges and in taking up cases with NCLT and NCLAT, which may come in the form of transitional challenges, i.e transfer of cases from Company Law Board, High court, BIFR/AAIFR to NCLT, new powers conferred on NCLT, manner of dealing with cases, drafting of applications/petitions, court crafts, including moot court etc, The institute has already organised National Seminar at Chandigarh and Guwahati.
Shri N.K.Bhola, Regional Director,Ministry of Corporate Affairs (Eastern Region) was the Chief Guest. Speaking on the occasion, Mr. Bhola said that this type of seminar is a game changer for professionals especially Company Secretaries and help in the capacity building of the members. He said that the topic chosen is an apt topic and relevant with the times. The cases that are being currently dealt under Company Law Board, High Court and BIFR will eventually be transferred to NCLT. The challenges in front of these bodies may be in the form of transition of cases, manner of dealing with new cases, constitution of various benches of NCLT, capacity building of professionals to deal with the cases before NCLT, initial implementation difficulties in interpretation of legislative and procedural aspects, regulatory harmonisation so on.
In her inaugural address, CS MamtaBinani, President, ICSI, informed that Company Secretaries are authorised to appear before NCLT and NCLAT and requires legal expertise, drafting skills, court etiquettes etc. The objective of National Seminars by the institute covers moot courts, drafting aspects etc is to help the professionals to deal with cases more confidently. She also spoke about the various student initiatives of the ICSI like ICSI Study Centre, ICSI Signature Award, International CS Olympiad and so on. She stressed on the fact with the ICSI is closely working with Government authorities for betterment of MSME and other allied sectors and helping in the growth of the economy. The ICSI is celebrating 2016 as Corporate Governance year and
CS Santosh K Agarwala, Council Member ICSI and Programme Director in his speech spoke on the importance of the seminar and the topic chosen as NCLT is a realty and professionals should be ready for it. He said NCLT and NCLAT are constituted under Companies Act 2013. The powers that are currently exercised by the company law Board, High Court, BIFR under Companies Act would be transferred to NCLT.He further added that all the applications, petitions, appeals filled before NCLT/NCLAT shall be disposed off within 90 days but can be extended by the President/ Chairperson further not exceeding 90 days
CS Sandip Kr Kejriwal, Chairman, EIRC of ICSI and Programme Co-ordinator welcomed the participants and spoke on the importance of NCLT and NCLAT,the role of Company Secretaries in these bodies and the challenges thereof. He said currently four different forums i.e. High Courts, CLB, BIFR and the DRTs, have overlapping jurisdiction, which gives rise to the systemic delays and complexities in the process. The NCLT overcomes these challenges and would reduce burden on the Courts as all litigations will be filed before NCLT.
CS Siddhartha Murarka, Vice Chairman, EIRC of ICSI also spoke about the relevance of NCLT for professionals. CS GautamDugar, Secretary, EIRC of ICSI proposed vote of thanks. The eminent faculties, with decades of professional experience brought effective key take aways to the participants. The sessions covered include drafting including manner of filing application with NCLT , court crafts, moot court, derivative actions etc. The seminar was attended by more than 200 delegates.