Govt Takes Note of Resentment Over Delays in Company Law Tribunals: Nirmala Sitharaman

The Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, has acknowledged the resentment among certain quarters over the delays in filling up vacancies in the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunal (NCLT). Speaking at the inauguration of the renovated premises of the Chennai The bench of NCLAT, the Minister assured the gathering that the government had taken serious note of the issue and that appointments were now happening at a good speed. Addressing the gathering, Sitharaman stated that the government had no hesitation in going to the Parliament frequently amends corporate laws to cater to the ever-changing requirements of the industry. While acknowledging that the Opposition members questioned the number of times the government intended to amend the laws related to corporate affairs, the Minister said that the treasury benches had been successful in convincing them about the need for such frequent amendments so that the laws truly meet the expectations of the investors. Highlighting the goal of making the country more transparent in its commercial activities and gaining investor’s confidence, Sitharaman assured the gathering of the government’s unwavering commitment towards this goal. The Chairman of NCLAT, Ashok Bhushan, pointed out that the timely and effective disposal of commercial cases by the tribunals had helped all stakeholders. He also requested the Minister to appoint one more judicial and technical member to the Chennai Bench of NCLAT. The NCLAT judicial member and former acting chairman, M. Venugopal, said that the Chennai Bench had disposed of 562 out of 1,480 appeals that were filed since its inception on January 25, 2021. He also highlighted a quantum jump of 175% in the disposal of cases in 2022 compared to the previous year, and added that the momentum had been maintained this year too. The government’s recognition of the resentment over the delays in filling vacancies in the company law tribunals are a step in the right direction toward ensuring timely and effective disposal of commercial cases, which will help all stakeholders, including women entrepreneurs.

Staff Reporter