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NCLT and SAT Litigation

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NCLT and SAT Litigation

NCLT and SAT Litigation

The National Company Law Tribunal (NCLT) was constituted by the Central Government under section 408 of the Companies Act, 2013 which came into effect from 1st June, 2016.

NCLT is a quasi-judicial authority incorporated for dealing with corporate disputes that are of civil nature arising under the Companies Act. It deals with the matters like amalgamation, mergers and capital reduction. 

NCLT works on the lines of normal court of law in the country and is obliged to determine the facts of each case without any biasness and decide with matters in accordance with principles of natural justice and give conclusions from decisions in the form of orders. The orders could help to resolve a situation, rectify a mistake made by the company or impose penalties, and could alter the rights, obligations, or privileges of the concerned parties.

Litigation matters under NCLT – Registration of company, Share Transfer, Deposit Issue, Investigation Power, Conversion of Company, Merger and Amalgamation.

Securities Appellate Tribunal (SAT) is a statutory body which was mainly established to hear appeals against the order passed by the SEBI (Securities Exchange Board of India). SAT has same powers as a civil court under the code of civil procedure while trying a suit.

The aim of SAT is to make the correct decision on the merits of each application.  The strict rules of evidence do not follow as SAT is not a court. It encourages the resolution of disputes through mediation and allows parties to be represented by a lawyer, a person with relevant experience or by themselves.

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