SECTION 227 LEGAL ADVISERS AND BANKERS NOT TO DISCLOSE CERTAIN INFORMATION
Updated: Oct 17, 2022
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Nothing in this Chapter shall require the disclosure to the Tribunal (National Company Law Tribunal- NCLT[1] is a quasi-judicial[2] body which is authorised for dealing with the corporate disputes which are civil and arising under the Companies Act), the Central Government, the Registrar (implies a Registrar, Additional Registrar, Joint Registrar, Deputy Registrar, or Assistant Registrar who is responsible for carrying out the Act's many duties, including the registration of corporations)[3], or an inspector designated by the Central Government:
Of any privileged communication made to him in that capacity, other than with respect to his client's name and address; or
Of any information regarding the business affairs of any of their customers, other than such company, by any company, body corporate (including an organisation formed outside of India, but excludes the following: cooperative societies registered under any law governing cooperative societies, and any other corporate organisation that the Central Government may specify in this regard by notification and that is not a company as specified in this Act)[4], or another person.
What is National Company Law Tribunal?
It is a quasi-judicial body which is authorised for dealing with the corporate disputes which are civil and arising under the Companies Act
The current President of NCLT is Chief Justice (Retd.) Ramalingam Sudhakar[5].
Functions-
Tribunal will handle all actions under the Companies Act, including arbitration, agreements, compromises, reconstruction, and corporate wound-up.
Not a single civil court will have jurisdiction over the before-mentioned matters.
The cases which are pending before the (BIFR) Board for Industrial and Financial Reconstruction[6] as well as those pending under the Sick Industrial Companies (Special Provisions) Act, 1985, might be heard by the NCLT.
Also, matters pending before the Appellate Authority for Industrial and Financial Reconstruction will be taken up.
It can also take on matters involving corporate oppression and mismanagement.
Benches of National Law Tribunal[7]-
Locations | Jurisdiction |
Principle Bench i.e., New Delhi | New Delhi |
Ahmedabad Bench | Gujarat Dadra and Nagar Haveli Daman and Diu |