Rules and Regulations of India

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Section 3 – COMPANY LAW BOARD RULES,1993

3. Qualifications and age limit for appointment of Members

(1) A person shall not be qualified for appointment as Judicial Member unless he-

 

(a) has, for at least ten years, held a judicial office in the territory of India; or

 

(b) has, for at least ten years, been an Advocate of High Court or has partly held judicial office and has been partly in practice as an Advocate for a total period of ten years; or

 

2[(c) is, or has been, a Member of the Central Company Law Service (Legal Branch)/Indian Company Law Service (Legal Branch) and is holding or has held a post in Senior Administrative Grade in that service for at least three years; or

 

(d) is, or has been, a member of the Indian Legal Service and is holding, or has held a post in Grade-I of that service for at least three years;]

 

(2) A person shall not be qualified for appointment as Technical Member unless he-

 

2[(a) is, or has been, a Member of the Central Company Law Service (Accounts Branch)/Indian Company Law Service (Accounts Branch) and is holding, or has held, a post in Senior Administrative Grade in that service for at least three years; or

 

(b) is, or has been, a Joint Secretary to the Government of India under the Central Staffing Scheme or any other post under the Central Government carrying a scale of pay which is not less than that of the Joint Secretary to the Government of India, for at least three years and has adequate knowledge and experience in dealing with the problems relating to the company law;]

 

(c) is, or has been, for at least fifteen years in practice as a chartered accountant under the Chartered Accountants Act, 1949 (38 of 1949); or

 

(d) is, or has been, for at least fifteen years in practice as a cost accountant under the Costs and Works Accountants Act, 1959 (23 of 1959); or

 

(e) has, for at least fifteen years’ working experience as a Secretary in whole-time practice as defined in clause (45A) of section 2 of the Companies Act, 1956 (1 of 1956), and is a Member of the Institute of Company Secretaries of India constituted under the Company Secretaries Act, 1980 (56 of 1980).

 

(3) A person shall not be eligible for appointment as member unless he has completed the age of forty-five years.

 

(4) A person shall not be eligible for appointment as Vice-Chairman unless he has for a period of not less than two years held office as Member.

 

(5) A person shall not be eligible for appointment as Chairman unless he-

 

(a) is, or has been, or is qualified to be, a Judge of a High Court; or

 

(b) has for a period of not less than 3[two] years held office as Vice-Chairman.

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