Question

Company Law Board is constituted as quasi-judicial body.

• A. True
• B. False

Answer 1

The correct option is A True

This statement is True , due to the following reasons:

(i) The company Law Board was established by the Companies (Amendment) Act,1963 with the aim of better and convenient administration of the companies.

(ii) The Company Law Board was constituted by the Central Government .

(iii)The Company Law Board is an independent quasi - judicial body.

(iv) It is constituted to exercise some of the judicial and quasi - judicial functions which were previously exercise by the court or the Central Government.

(v) It was constituted on 1st February,1964.

(vi) But with effect from 31st May,1991 Company Law Board was constituted by the Central Government as an independent quasi - judicial body.

(vii) The company Law Board shall consist maximum nine members.

(viii) One of the member shall be appointed by the Central Government as the Chairman.

(ix) The Company Law Board has the power to discover and inspect the documents to be used as evidence.

(x) To examine witness on oath.

(xi) Granting adjournment,etc.