The Company Law Board (CLB) is a quasi-judicial body, exercising equitable jurisdiction, which was earlier being exercised by the High Court or the Central Government. The Board has powers to regulate its own procedures. The Company Law Board has framed "Company Law Board Regulations 1991" prescribing the procedure for filing the applications/ petitions before it.
The Central Government has also prescribed the fees for making applications/ petitions before the Company Law Board, under the "Company Law Board, (Fees on applications and Petitions) Rules 1991". The Board has its Principal Bench at New Delhi, and four Regional Benches located at New Delhi, Mumbai, Kolkata and Chennai.
Any person aggrieved by any decision or order of the Company Law Board may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Company Law Board to him on any question of law arising out of such order.
The Ministry is primarily concerned with the administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008 & other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with the law.
The Ministry is also responsible for administering the Competition Act, 2002 to prevent practices from having an adverse effect on competition, promote and sustain competition in markets, and protect the interests of consumers through the commission set up under the Act.
Besides, it exercises supervision over the three professional bodies, namely, the Institute of Chartered Accountants of India(ICAI), the Institute of Company Secretaries of India(ICSI), and the Institute of Cost Accountants of India (ICAI) which are constituted under three separate Acts of the Parliament for proper and orderly growth of the professions concerned.
The Ministry also has the responsibility of carrying out the functions of the Central Government relating to the administration of the Partnership Act, 1932, the Companies (Donations to National Funds) Act, 1951, and the Societies Registration Act, 1980.
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