Sections 466 and 467 of the Companies Act 2013: Dissolution of Company Law Board and Power to Amend Schedules
Sections 466 and 467 form part of the transitional and miscellaneous framework of the Companies Act, 2013. Section 466 deals with dissolution of the former Company Law Board and consequential arrangements, while Section 467 authorises the Central Government to alter provisions contained in the Schedules to the Act by notification, subject to parliamentary control.
Updated: 17 September 2026
Section 466 - Dissolution of Company Law Board and consequential provisions
Meaning and purpose. Section 466 provides for dissolution of the Board of Company Law Administration constituted under the Companies Act, 1956, commonly known as the Company Law Board, upon constitution of the Tribunal and Appellate Tribunal. It also addresses the transition of eligible members, officers, employees and employee-related funds.
Sub-section (1). Notwithstanding section 465, the Company Law Board stands dissolved on constitution of the Tribunal and Appellate Tribunal. The provision contains transitional safeguards concerning eligible Chairman, Vice-Chairman and Members and concerning officers and employees.
Deputationists who satisfy the statutory qualifications may become officers or employees of the Tribunal or Appellate Tribunal; otherwise they revert to their parent cadre, Ministry or Department. Regular employees transferred under the provision retain the specified rights and privileges concerning pension, gratuity and similar benefits, subject to lawful alteration of their service conditions.
The section also addresses compensation claims and transfer of monies relatable to employees in provident, superannuation, welfare or other funds to the Tribunal or Appellate Tribunal, as applicable.
Sub-section (2). Persons holding specified offices or employment immediately before constitution of the Tribunal and Appellate Tribunal, but not covered by the transitional protection in sub-section (1), vacate their offices and cannot claim compensation merely for premature termination of office or contract of service.
Why Section 466 matters
The provision ensured institutional continuity when company-law adjudicatory functions moved from the Company Law Board to the Tribunal structure. For present-day research, it is mainly relevant to the statutory history of the NCLT/NCLAT transition and rights arising from that transition.
Section 467 - Power of Central Government to amend Schedules
Meaning and scope. Section 467 empowers the Central Government, by notification, to alter regulations, rules, tables, forms and other provisions contained in the Schedules to the Companies Act, 2013. This permits Schedule-based requirements to be updated without amending the main body of the Act each time, while retaining parliamentary oversight.
Sub-section (1). Subject to Section 467, the Central Government may alter provisions contained in any Schedule by notification.
Sub-section (2). A notified alteration operates as if enacted in the Act and ordinarily takes effect from the date of the notification unless the notification provides otherwise. The statutory proviso protects companies registered before an alteration to Table F of Schedule I from application of that alteration.
Sub-section (3). Every alteration must be laid before each House of Parliament for the prescribed total period of thirty days. Parliament may modify or annul it, without prejudicing the validity of action already taken under the alteration before such modification or annulment.
Practical effect of Section 467
Section 467 is the enabling provision used for amendments to Schedules. For example, the Ministry of Corporate Affairs has issued notifications under Section 467 to amend Schedule III, which governs financial-statement presentation requirements. Users should therefore read the relevant Schedule together with the latest applicable notification rather than relying only on an older printed version of the Act.
Official statutory resources
For the latest authoritative text and notifications, consult the Ministry of Corporate Affairs and India Code resources linked in the sidebar. The official consolidated Companies Act should be checked together with applicable commencement notifications, amendments, rules and Schedule-specific notifications.