Corporate Updates – 02-02-2015


Company Law Board in exercise of the powers conferred by Section 10(E)4(B) of the Companies Act, 1956 read with regulation 4 of the Company Law Board Regulations, 1991, constituted the Benches at New Delhi, Mumbai, Kolkatta & Chennai for the purpose of exercising and discharging the Board’s power and functions for the matters filed before the Principal Bench before 31-03-2008 shall be dealt by any one of the members of the respective benches. Further all matters relating to the Section 250, 269 & 388B of the Companies Act, 1956 shall be dealt in the Principal Bench at New Delhi by the Hon’ble Chairman of the Board. This order has been issued in supersession of all earlier orders and shall came into force with effect from 29-01-2015.


The Board has received references that the current procedure for allowing re-export of goods that are imported under a bonafide mistake is being followed at Customs stations is time consuming and causes avoidable hardship to importer / airlines / consol agents. With a view to expedite decision-making in respect of re-export of such goods, the Board has decided that the permission for re-export may be granted on merit by the officer concerned as per the adjudication powers.


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