The Company Law Board established under the Companies Act of 1956 consisted of a chairman and up to nine members with qualifications and experience, as may be prescribed by the Central Government.
The Company Law Board constitutes one or more Benches among its members for discharging its quasi-judicial functions. While carrying out its quasi-judicial functions, each Bench had been vested with certain powers of the Civil Court such as discovery and inspection of documents, enforcing the attendance of witnesses, examination of witnesses, compelling production of documents, recording of evidence on affidavit etc. Any proceedings before the Bench can be considered as a judicial proceedings within the scope of Section 195 Code of Criminal Procedure, 1973 and Section 228 & 193 Indian Penal Code, 1860.
The Company Law Board was empowered to regulate its own procedure. Appeals against the orders of the Company Law Board on any question of law may be filed with the High Court within sixty days from the date of decision or order.
The enforcement of orders issued by the Company Law Board could be done by it in the manner of a decree of a Civil Court. The Board can also send it to a competent Court for its execution.
Consequent to the commencement of the Companies (Second Amendment) Act 2002, the Company Law Council (CLB) was dissolved and all matters or proceedings or cases pending before the CLB on or before the the constitution of the National Company Law Tribunal were to be transferred to the Tribunal and the said Tribunal were to decide these cases in accordance with the provisions of the Companies Act of 1956.
Section 466 of the Companies Act of 2013 reiterates that the Company Law Council operating under the Companies Act 1956 is dissolved and replaced by the Tribunal and the Appellate Tribunal.
The provisions relating to constitution of National Company Law Tribunal (NCLT) and the Appellate National Company Law Tribunal (ANCLT), its composition, the qualification of the president, and the process for selecting members, terms of office, salary, allowances, etc. are contained in Chapter XXVII of Article 407 to 434 of the Companies Law of 2013.