What is Qualifications of chairperson and Members of Appellate Tribunal How the Selection of Members of Tribunal and Appellate Tribunal is done Section 411 and 412 of Indian Companies Act 2013

Qualifications of chairperson and Members of Appellate Tribunal and Selection of Members of Tribunal and Appellate Tribunal are defined under Section 411  and 412 of Indian Companies Act 2013. Provisions under these Sections are:

Section 411 of Indian Companies Act 2013 "Qualifications of chairperson and Members of Appellate Tribunal"

(1) The chairperson shall be a person who is or has been a Judge of the Supreme Court or the Chief Justice of a High Court.

(2) A Judicial Member shall be a person who is or has been a Judge of a High Court or is a Judicial Member of the Tribunal for five years.

(3) A Technical Member shall be a person of proven ability, integrity and standing having special knowledge and experience, of not less than twenty-five years, in law, industrial finance, industrial management or administration, industrial reconstruction, investment, accountancy, labour matters, or such other disciplines related to management, conduct of affairs, revival, rehabilitation and winding up of companies.


 

Section 412 of Indian Companies Act 2013 "Selection of Members of Tribunal and Appellate Tribunal"

(1) The President of the Tribunal and the chairperson and Judicial Members of the Appellate Tribunal, shall be appointed after consultation with the Chief Justice of India.

(2) The Members of the Tribunal and the Technical Members of the Appellate Tribunal shall be appointed on the recommendation of a Selection Committee consisting of -

(a) Chief Justice of India or his nominee Chairperson;

(b) a senior Judge of the Supreme Court or a Chief Justice of High Court -

Member;
(c) Secretary in the Ministry of Corporate Affairs Member;
(d) Secretary in the Ministry of Law and Justice Member; and
(e) Secretary in the Department of Financial Services in the Ministry of Finance -

Member.
(3) The Secretary, Ministry of Corporate Affairs shall be the Convener of the Selection Committee.

(4) The Selection Committee shall determine its procedure for recommending persons under sub-section (2)

(5) No appointment of the Members of the Tribunal or the Appellate Tribunal shall be

invalid merely by reason of any vacancy or any defect in the constitution of the Selection Committee.

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