Indore
The chartered accountants of the city felicitated outgoing Lok Sabha Speaker Sumitra Mahajan for making efforts to set up a bench of National Company Law Tribunal (NCLT) in the city. They also felicitated newly elected Member of Parliament Shankar Lalwani.
The members of Indore branch managing committee of chartered accountants led by branch chairman Pankaj Shah reached residence of Mahajan on Wednesday where Lalwani was also present. Regional council members and CAs Churchill Jain, Nilesh Gupta, Harsh Feroda, Kirti Joshi, Gaurav Maheswari, Ankush Jain, Anand Jain were present on this occasion.
Shah said under new Companies Act and Insolvency Act, NCLT has been given powers but the benefit of those powers could have been less advantageous for MP as the state comes under the jurisdiction of Ahmadabad tribunal.
After new law, chartered accountants and company secretaries gave memorandum to Mahajan repeatedly to make efforts for setting up of NCLT bench in the city. They said city deserves it as it has largest number of companies in central India.
With introduction of Insolvency Act in 2016, the load on Ahmadabad and Mumbai tribunal increased. Keeping this in view, the government set up 11 new benches in the first phase. In the second phase in March this year, the notification for establishment of one bench in Indore and Amravati was issued.
The bench is going to set up in Anandvan building in city. It will become functional from September for which two judges have been appointed.
