After section 10 of the principal Act, the following sections shall be inserted in Part I, namely:--
'10A.Constitution of Tribunal.- (1) The Central Government may, by notification in the Official Gazette, constitute a Tribunal consisting of as many members as it thinks fit, to exercise and discharge--
(a) the powers and functions conferred on such Tribunal by or under this Act;
(b) all or any of the powers and functions conferred on the Court by or under section 155, section 203 in so fare as it relates to the granting of leave under that section, section 240, and sections 397 to 407, which the Central Government may, from time to time, by notification in the Official Gazette, specify:
Provided that where any powers and functions are or become exercisable by the Tribunal by virtue of this section, the Court shall not exercise those powers and functions and any reference to the Court in any of the sections, powers and functions of the Court whereunder have been conferred on the Tribunal, shall be construed as a reference to the Tribunal.
(2) The members of the Tribunal shall be persons who have, in the opinion of the Central Government, adequate knowledge of, and experience in,--
(a) law, or
(b) matters of accountancy, or
(c) administration or management of companies and law relating thereto.
(3) The Central Government shall appoint one of the members of the Tribunal having knowledge of, and experience in law, who--
(a) is or has been a Judge of a High Court, or
(b) is qualified for appointment as Judge of a High Court,
to be the chairman of the Tribunal.
(4) The chairman and other members of the Tribunal shall receive from the Central Government such remuneration, and shall be governed by such conditions of service, as the Central Government may determine:
Provided that the remuneration of the chairman or any other member shall not be varied to his disadvantage after his appointment.
(5) Nothing in this section shall derogate from the powers and functions of the Court in relation to any proceeding pending before the Court immediately before such powers and functions are or become exercisable by the Tribunal by virtue or this section and the Court shall dispose of such proceeding accordingly.
(6) The provisions of this Act shall apply in relation to the enforcement of any order of the Tribunal as if such order were an order of the Court under this Act.
Explanation.- -In this section, "Court" means the Court as defined in sub-clause(a) of clause(11) of section 2 and, where the powers and functions have been conferred expressly by any section on a Judge of a High Court, includes such Judge.
10B - Procedure of Tribunal (1) The powers and functions of the Tribunal may be exercised an discharged by Benches constituted by the chairman of the Tribunal from among the members thereof.
(2) Every such Bench shall consist of such number of members, not being less than two, as the Central Government may, by rules made under this Act, determine and at least one of such members shall be a person having knowledge of, and experience in, law.
(3) If during the course of any proceedings, any member of the Tribunal is for any reason unable to perform his functions or relinquishes his membership of the Tribunal, the Central Government may appoint another member in his place in accordance with the provisions of this Act and upon his joining the Tribunal the proceedings shall be continued as if he had been on the Tribunal from the commencement of the proceedings.
(4) In case of difference of opinion among the members of a Bench, the opinion of the majority shall prevail and orders of the Bench shall be expressed in terms of the views of the majority:
Provided that if the members of the Bench are equally divided in opinion on any point, they shall prepare a statement on the point and refer the same to the chairman of the Tribunal for the hearing of such point by one or more of the other members of the Tribunal and such point shall be decided according to the opinion of the majority of the members of the Tribunal who have heard it, including those who first heard it.
(5) Subject to the provisions of this Act and the rules made thereunder, the Tribunal shall have power to regulate its own procedure and the procedure of Benches thereof in all matters arising out the exercise of its powers and the discharge of its functions, including the places at which the Benches shall hold their sittings.
10C .Powers of Tribunal
(1) The Tribunal shall have the powers which are vested in a court under the Code of Civil Procedure, 1908 ,(5 of 1908) when trying a suit, in respect of the following matters, namely:--
(a) discovery and inspection of documents or other material objects predicable as evidence,
(b) enforcing the attendance of witnesses and requiring the deposit of their expenses,
(c) compelling the production of documents or other material objects predicable as evidence and impounding the same,
(d) examining witnesses on oath,
(e) granting adjournments,
(f) reception of evidence taken on affidavit.
(g) issuing commissions for the examination of witnesses, and summoning and examining suo motu any person whose evidence appears to the Tribunal to be material.
(2) Where the Tribunal has reason to believe that nay place is used for the deposit or custody of any document or thing which may be material for the purposes of any proceeding before it, the Tribunal may by its warrant authorise and direct any police officer not below the rank of a sub-inspector--
(a) to enter that place with such assistance as may be required,
(b) to search the same in the manner specified in the warrant,
(c) to take possession of any documents or things therein found and to prepare a list of the same and to dispose them of in accordance with the provisions hereinafter contained.
(3) When in the execution of a search warrant under sub-section (2) any documents or things for which search is made are found, such documents or things, together with the list of the same, shall immediately be taken before the Tribunal.
(4) The provisions of the Code of Criminal Procedure,1898 , (5 of 1898) shall, so far as may be, apply to a search directed, and a search warrant issued, under sub-section(2) as they apply to a search and a search warrant under section 98 of that Code.
(5) The Tribunal shall be deemed to be a civil court for the purposes of section 195 and Chapter XXXV of the Code of Criminal Procedure,1898 , (45 of 1860) and every proceeding before the Tribunal shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of the Indian Penal Code and for the purpose of section 196 of that Code.
10D. Appeals against decisions, etc., of the Tribunal
(1) An appeal shall lie to the High Court having jurisdiction in relation to the place at which the registered office of the company concerned is situate, only on question of law arising,--
(a) in cases against managerial personnel falling under Chapter IV A of Part VI, out of any finding of the Tribunal under section 388D; and
(b) in cases not falling under that Chapter, out of any decision, finding or order of the Tribunal
(2) Every such appeal shall be heard by a Bench of not less than two Judges of the High Court.
(3) Every such appeal shall be filed within a period of sixty days from the date of communication to the appellant of the decision, finding or order of the Tribunal:
Provided that the appeal may be admitted after the expiry of the aforesaid period if the appellant satisfies the High Court that he had sufficient cause for not preferring the appeal within that period.'.
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