Tuesday 9 October 2012
scope of section 403 - Indian Company Law
I have seen an interesting case in the recent past and that led me to look at the scope of section 403 of the Companies Act, 1956. I did not find so much case law on section 403 of the Companies Act, 1956 as section 403 is viewed at par with section 402 and as the precedents laid-down by the Constitutional Courts confers elaborate powers on the Company Law Board under section 397/398 of the Companies Act, 1956. It is settled that the
Company Law Board can pass any order in the interest of the Company and in order to put an end to the matters complained of. It is also settled that sect6ion 402 of the Companies Act, 1956, though enumerates certain powers of the Company Law Board, the same will not restrain the general powers of the Company Law Board under section 397/398 of the Companies Act, 1956. In light of the settled legal position about the powers of the Company Law Board and if technicalities are ignored, section 403 of the Companies Act, 1956 was not discussed much.
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