Section 413 of the Companies Act, 2013
Section 413 of the Companies Act, 2013 deals with the Term of Office of President, Chairperson and other Members of the Tribunal and Appellate Tribunal.
📘 Section 413 – Term of Office of President, Chairperson and other Members
Key Provisions:
Tenure:
The President and other Members of the National Company Law Tribunal (NCLT) or the Chairperson and Members of the National Company Law Appellate Tribunal (NCLAT) shall hold office for 5 years from the date of appointment.
They are eligible for reappointment for another term of 5 years.
Age Limit:
Judicial Members of the NCLT or NCLAT cannot hold office after attaining the age of 65 years.
Technical Members of the NCLT or NCLAT cannot hold office after attaining the age of 65 years.
The President or Chairperson also cannot continue after 65 years of age.
Reappointment Consideration:
Reappointment is based on performance and suitability, as may be specified by rules.
📝 Purpose of Section 413:
To clearly define the tenure and reappointment rules for those holding high office in the NCLT and NCLAT, ensuring accountability, experience, and consistency in handling company law matters.
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