Executive Summary:
This notification, G.S.R. 632(E), issued by the Ministry of Corporate Affairs on July 12, 2018, amends notification G.S.R. 729(E) of September 21, 2015, regarding the pay of individuals joining the National Company Law Tribunal. The amendment addresses the pay fixation for serving or retired individuals joining as President or Member of the Tribunal. The notification comes into force on the date of its publication in the official gazette.
Key Points / Main Content:
Pay Fixation for President, National Company Law Tribunal:
* When a serving or retired Chief Justice of a High Court joins as President, their pay will be fixed at the level they were drawing at the time of demitting their previous office.
* This pay fixation does not affect any other entitlements corresponding to the President's pay.
Pay Fixation for Member, National Company Law Tribunal:
* When a serving or retired government officer, Chairman, Vice-chairman, President, Vice-president, Presiding officer, Member of a Tribunal, Appellate Tribunal or an authority, or a judge of a High Court joins as Member, their pay will be fixed at the level they were drawing at the time of demitting their previous employment, subject to a limit of Rs 80,000.
* This pay fixation does not affect any other entitlement corresponding to the Member's pay.
Impact Analysis:
Serving or Retired Chief Justice of a High Court joining as President, National Company Law Tribunal:
* Impact: Ensures their pay is fixed at the level drawn at the time of demitting their previous office.
* Action Required: None specified.
Serving or Retired Government Officer/Tribunal Member/Judge of a High Court joining as Member, National Company Law Tribunal:
* Impact: Ensures their pay is fixed at the level drawn at the time of demitting their previous employment, subject to a limit of Rs 80,000.
* Action Required: None specified.
Key Entities Referenced
Companies Act, 2013: A law enacted by the Parliament of India, specifically mentioned in the context of amendments within the notification.
Ministry of Corporate Affairs: The government ministry issuing the notification.
New Delhi: The city where the notification was issued.
National Company Law Tribunal: A quasi-judicial body in India that adjudicates issues relating to Indian companies. The notification concerns the pay of individuals joining this tribunal.
G.S.R. 632E: The gazette notification number.
G.S.R 729 E: Earlier notification being amended.
High Court: Referenced in the context of Chief Justices or judges joining the National Company Law Tribunal.
Gyaneshwar Kumar Singh: Jt. Secy. who approved the notification
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4003 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
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[फा. सं. ए-45011/25/2018-(cid:24)शा.IV]
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MINISTRY OF CORORATE AFFAIRS
NOTIFICATION
New Delhi, the 12th July, 2018
G.S.R. 632(E).— In exercise of the powers conferred by section 469 read with section 414 of the
Companies Act, 2013 (18 of 2013), the Central Government hereby amends the notification of the Ministry of
Corporate Affairs number G.S.R 729 (E), dated the 21st September, 2015, namely:—
2. In the said notification, in rule 3, -
(i) in sub-rule (1), the following provisos shall be inserted, namely:-
“Provided that the pay of a serving or retired Chief Justice of a High Court on his joining as
President, National Company Law Tribunal shall be fixed at the level of pay which he was
drawing at the time of demitting his previous office:
Provided further that the above proviso shall not affect any other entitlement corresponding to
the pay of the President as provided in this sub-rule”;
(ii) in sub-rule (2), the following provisos shall be inserted, namely:-
“Provided that the pay of a serving or retired government officer or Chairman, Vice-chairman,
President, Vice-president, Presiding officer, Member of a Tribunal, Appellate Tribunal or an
authority, or a judge of a High Court, who is or has been drawing higher pay, on their joining
as Member, National Company Law Tribunal shall be fixed at the level of pay which they
were drawing at the time of demitting their previous employment, subject to a limit of Rs
80,000:
Provided further that the above proviso shall not affect any other entitlement corresponding to
the pay of a Member as provided in this sub-rule”.
3. This notification shall come into force on the date of its publication in the official gazette.
[F.No. A-45011/25/2018-Ad.IV)]
GYANESHWAR KUMAR SINGH, Jt. Secy.
Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, sub-
section (i), vide number GSR 729(E), dated the 21st September, 2015.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.