CRITICAL ANALYSIS OF THE TRANSFORMATION OF THE COMPANY LAW BOARD INTO THE NATIONAL COMPANY LAW TRIBUNAL IN THE LIGHT OF VARIOUS COMMITTEE REPORTS
Companies Act, 1913 was in force in India before the Companies Act, 1956.The 1913 Act was founded on English Companies (Consolidated) Act of 1908. The Company Law Amendment Committee headed by Lord Justice Lionel Cohen, at the time of the end of 2nd World War, put forward its report after doing an extensive enquiry for a period of 2 years. The committee recommended extensive changes in the English Companies Act, 1929. It is on the recommendation of the Cohen Committee that the English Companies Act, 1948 was enacted. Taking inspiration from such changes, the Government of India also thought of reviewing the Indian Companies Act, 1913. The radical changes made in the 1948 Act encouraged Indian government to review the archaic 1913 Act. Thus, the Government constituted a committee headed by C.H. Bhabha (a Parsi businessman who took charge of the Commerce portfolio in the India from 15th August, 1947), which, after doing exhaustive research by interviewing various corporate law experts, submitted its report of 477 pages to the Indian Government in 1952. By accepting most of the recommendations of the committee, the Parliament enacted the Companies Act, 1956. The Companies Act 1956 was to a large extent inspired by the English Companies Act, 1948, not only adopting many of the important provisions of the1948 Act but also redrafting various contentious sections.