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PYQ 1200 Q/A Part - 1
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Kerala PSC India Year Book Study Materials Page 219
Book's First PageUnder Section 435 of the Companies Act, the Ministry of Corporate Affairs has constituted Special Courts by designating 20 existing Session courts/Additional Sessions Courts as Special Courts under Section 435 of the Companies Act, 2013 (the Act). These courts are in Jammu and Kashmir, Maharashtra, Goa, Gujarat, Madhya Pradesh, West Bengal, Chhattisgarh, Rajasthan, Punjab, Haryana, Meghalaya, Manipur,Telangana, Andhra Pradesh, Tamil Nadu (Coimbatore), Union Territories of Puducherry, Chandigarh, Andaman and Nicobar Islands, Dadra and Nagar Haveli, Daman and Diu, NCT of Delhi. National Company Law and Appellate Tribunal The constitution of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) was done in 2016. These bodies have been constituted for faster resolution of corporate disputes and reducing the multiplicity of agencies thereby promoting ‘ease of doing business’ in the country. With the constitution of National Company Law Tribunal (NCLT), the Company Law Board (CLB) stands dissolved and cases pending with CLB were transferred to NCLT. The Insolvency and Bankruptcy Code, 2016 and SICA Repeal Act, 2003 were also put in place in 2016. With this, the Board of Industrial and Financial Reconstruction (BIFR) and Appellate Authority for Industrial and Financial Reconstruction were dissolved and Benches of NCLT were designated to exercise the jurisdiction, powers and authority of Adjudicating Authority conferred by or under part II of the Insolvency and Bankruptcy Code, 2016. Central Government has also notified provision for transfer of proceedings relating to arbitration, compromise, arrangements and reconstruction to the benches of NCLT. The applications pending before High Courts on winding up shall continue to be dealt by the respective High Courts and fresh applications are required to be filed before NCLT. NCLAT has its headquarters at New Delhi. At present the NCLT has its Benches at 10 locations viz., New Delhi, Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai. The Competition Appellate Tribunal under the provisions of Competition Act was dissolved in 2017 and merged with NCLAT. The appeal against the orders of Competition Commission of India is now with NCLAT. Companies in the Registry Total number of companies registered in the country by March, 2017, under the Companies Act, 2013, the Companies Act, 1956 and the previous company Laws, stood at 16,41,333. Of these, 3,01,778 companies were closed; 802 were lying dormant as per Section 455 of Companies Act, 2013; 1,38,206 companies have not filed statutory annual filings consecutively for two years; 5,698 companies are under liquidation; names of 25,264 companies are in the process of being removed under Section 248 of the Companies Act, 2013; and 282 companies were in the process of being re-activated. Taking all these factors into account, there were 11,69,303 active companies in March, 2017. Corporate Social Responsibility In India, Corporate Social Responsibility (CSR) for companies has been mandated through legislation through Section 135 of the Companies Act, 2013. Section 135, Schedule VII of the Companies Act, 2013, and the Companies (Corporate Social Responsibility Policy) Rules, 2014 came into force from April, 2014. From time to time the Ministry has made amendments to