By IANS,
Kolkata: Emphasising the importance of the proposed National Company Law Tribunal (NCLT), Company Law Board (CLB) chairman S. Balasubramanian Wednesday said it will be difficult for CLB to continue if the tribunal does not start operating in a couple of years.
“If NCLT does not come in next one to two years, CLB may collapse,” he said during an interactive session organised by the Institute of Company Secretaries of India (ICSI) here.
The hearing on the NCLT got completed a few months back but the judgment by the Supreme Court is still awaited, he said.
NCLT is a larger version of CLB that will have powers of the high court and the Board for Industrial and Financial Reconstruction (BIFR), he said.
He said CLB is facing staff shortage and if new members are not appointed soon, its efficiency in settling corporate disputes would be adversely affected, Balasubramanian said.
“The sanctioned strength of the board is nine members but now we are working with only four,” he said.