The outgoing chairman of the Company Law Board (CLB) S Balasubramaniam on Wednesday said that lack of qualified manpower at independent quasi-judicial body could impede its functioning in the medium-term, especially considering the delay in the implementation of the proposed National Company Law Tribunal (NCLT).
The CLB, which has benches in New Delhi, Kolkata, Chennai and Mumbai as well as an additional principal bench and a principal bench in Chennai and New Delhi respectively, is currently functioning with only three members. “Although we have selected four new members to join, if the membership does not go up, it will be a big problem. If there is a shortage of members, the CLB could collapse,” Balasubramaniam said, at an event organised by the Institute of Company Secretaries of India (ICAI).
