Section 415 of the Companies Act, 2013
Section 415 of the Companies Act, 2013 deals with the term of office of President and Members of the Tribunal (NCLT) and Appellate Tribunal (NCLAT).
Text of Section 415: Term of office of President and Members
The President and every other Member of the Tribunal or the Chairperson and every other Member of the Appellate Tribunal shall hold office for such term as may be specified in the order of appointment, but shall not exceed five years from the date he enters upon his office, and shall be eligible for reappointment for another term of not more than five years.
Key Points:
Term Duration:
Maximum term for President/Chairperson or any Member: 5 years.
Reappointment is allowed for one more term, also not exceeding 5 years.
Reappointment Criteria:
Based on performance and in accordance with prescribed rules.
Subject to maximum age limits specified under other relevant sections (like Section 413).
Applies to:
National Company Law Tribunal (NCLT)
National Company Law Appellate Tribunal (NCLAT)
Objective:
To ensure a fixed tenure with an opportunity for reappointment while maintaining judicial independence and operational continuity in the functioning of tribunals under the Companies Act.
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