Section 466 of the Companies Act, 2013
Section 466 of the Companies Act, 2013
Title: Dissolution of Company Law Board and Consequential Provisions
Key Provisions:
Dissolution of CLB (Company Law Board):
On the constitution of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) under the Act:
The Company Law Board (CLB) constituted under the Companies Act, 1956 shall stand dissolved.
Transfer of Pending Matters:
All matters, proceedings, or cases pending before the CLB will be transferred to the NCLT.
NCLT will dispose of such matters as per the provisions of the Companies Act, 2013.
Continuation of Legal Proceedings:
Any order passed by the CLB prior to its dissolution will be deemed to have been passed by the NCLT.
Protection for Past Acts:
No suit, prosecution, or legal proceedings shall lie against:
The CLB, or
Any member, officer, or employee of the CLB
for anything done in good faith in the discharge of duties under the Companies Act, 1956.
Purpose of Section 466:
To ensure a smooth transition from the Company Law Board (CLB) to the NCLT/NCLAT, and to provide legal continuity and protection for actions taken under the old regime.
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