Section 414 of the Companies Act, 2013
📘 Section 414 of the Companies Act, 2013
– Salaries, allowances and other terms and conditions of service of Chairperson and Members
Overview:
Section 414 of the Companies Act, 2013 deals with the remuneration and service conditions of the Chairperson and Members of the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunal (NCLT).
🔹 Key Provisions:
Salaries and Allowances:
The Chairperson and Members of both the NCLT and NCLAT shall receive salaries and allowances as may be prescribed by the Central Government.
Other Terms of Service:
Their other conditions of service, including pension, leave, and gratuity, are also governed by rules made by the Central Government.
Non-variation after Appointment:
Once appointed, the terms and conditions (especially salaries and benefits) cannot be changed to their disadvantage during their tenure.
✅ Purpose of Section 414:
To ensure judicial independence by protecting the financial and service conditions of tribunal members.
To maintain consistency and transparency in service rules for quasi-judicial officers.
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