The Company Law Board is an independent quasi-judicial body in India which has powers to overlook the behaviour of companies within the Company Law . It was constituted in its present form on May 31, 1991.

Structure of the Board

The Company Law Board shall consist of not more than nine members appointed by the central Government by notification in the official Gazette. One of them shall be appointed by the central Government as the chairman of the board.

The Board may, by order in writing, form one or more benches from among its members and authorise each such bench to exercise and discharge such of the Board’s powers and functions as may be specified in the order. Every order made or act done by a Bench in exercise of such powers or discharge of such functions shall be deemed to be the order or act, as the case maybe, of the Board.

Powers and Functions:

The company Law Board Shall –

- exercise and discharge such powers and functions as may be conferred on it; by or under this Act or any other Law, and

- shall also exercise and discharge such other powers and functions of the central Government under this Act or any other Law as may be conferred on it by the central Government, by notification in the official Gazette, under the provisions of this Act or that other Law.

Every Bench shall have powers which are vested in a court under code of civil procedure, 1908 (5 of 1908), while trying a suit, in respect of the following matters, namely:

(a) discovery and inspection of documents or other material objects producible as evidence ; (b) enforcing the attendance of witness and requiring the deposit of their expenses; (c) compelling the production of documents or other material objects producible as evidence and impounding the same; (d) examining witness on oath; (e) granting adjournments; (f) reception of evidence on affidavits.

Every Bench shall be deemed to be a civil court for the purpose of certain sections of the Act and every proceeding before the Bench shall be deemed to be a judicial proceeding within the meaning of certain sections of the Indian penal code.

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 the Law arising out of such order. However, if the High Court is satisfied that the appellant was prevented by sufficient cause from filing the appeal within the said period, it may allow it to be filed within a further period not exceeding sixty days.