Explain provisions for contempt and caveat under Companies Act, 2013.

CS Executive · Jurisprudence, Interpretation and General Laws · PYQS · June 2019
Explain provisions for contempt and caveat under Companies Act, 2013.

Answer & Explanation:

Contempt: According to Section 425 of the Companies Act, 2013, the National Company Law Tribunal and the National Company Law Appellate Tribunal shall have the same jurisdiction, powers and authority in respect of contempt of themselves as the High Court has and may exercise, for this purpose, the powers under the provisions of the Contempt of Courts Act, 1971, which shall have the effect subject to modifications that (a) the reference therein to a High Court shall be construed as including a reference to the Tribunal and the Appellate Tribunal; and (b) the reference to Advocate-General in section 15 of the said Act shall be construed as a reference to such Law Officers as the Central Government may, specify in this behalf. Caveat: Rule 25 of the National Company Law Tribunal Rules, 2016 provides that any person may lodge a caveat in triplicate in any appeal or petition or application that may be instituted before this National Company Law Tribunal by paying the prescribed fee after forwarding a copy by registered post or serving the same on the expected petitioner or appellant and the caveat shall be in the form prescribed and contain such details and particulars or orders or directions, details of authority against whose orders or directions the appeal or petition or application is being instituted by the expected appellant or petitioner or applicant with full address for service on other side, so that the appeal or petition or application could be served before the appeal or petition or interim application is taken up. The caveat shall remain valid for a period of ninety days from the date of its filing.

Topics: Companies Act, 2013

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