CLB Chairman can now transfer matter pending before a Regional Bench to other Regional Bench

Company law board regulations, 1991 – Order under section 10(e)(6)(4b) of companies act, 1956 for amendment in regulation 4 of said regulations

ORDER [FILE NO. 10/36/2001-CLB], DATED 7-12-2012

In exercise of the powers conferred by sub-section (4B) and sub-section (6) of section 10(E) of the Companies Act, 1956 (1 of 1956) read with Regulation 4 of the Company Law Board Regulations, 1991, the Chairman, Company Law Board, hereby, makes the following Regulations further to amend the Company Law Board Regulations, 1991, namely:-

1. The Company Law Board Regulations, 1991, in regulation 4,-

 (i)  in sub-regulation (1), the expression “247″ shall be omitted;

(ii)  for the second proviso, the following second proviso shall be substituted namely:-

“Provided further that notwithstanding anything contained in regulation 7, it shall be lawful for the Chairman to inter-se transfer any matter pending before a Regional Bench to any other Regional Bench or to the Principal Bench either at the joint request of the parties or for other reasons to be recorded in writing.”

2. This order shall come into force with immediate effect.