REGISTERED No. D. 221
The Gazette of India
EXTRAORDINARY
PART II- Section 1
PUBLISHED BY AUTHORITY
NEW DELHI, SUNDAY , JULY 5 , 1964 / ASADHA 14 , 1886 ( Saka ) No. 27 ]
Separate paging is given to this Part in order that it may be filed as a separate compilation
MINISTRY OF LAW
(Legislative Department )
New Delhi , 5th July , 1964 / Asadha 14, 1886 ( Saka )
THE COMPANIES ( AMENDMENT) ORDINANCE , 1964
NO . 2 OF 1964
Promulgated by the President in the Fifteenth Year of the Republic of India .
An Ordinance further to amend the Companies Act , 1956 .
WHEREAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action;
NOW , THEREFORE , in exercise of the powers conferred by clause ( 1) of article 123 of the Constitution , the President is pleased to pro- mulgate the following Ordinance : ---
1. ( 1 ) This Ordinance may be called the Companies ( Amendment ) Ordinance , 1964 .
Short title and com- mence- ment .
(2) It shall come into force at once .
2. After section 635A of the Companies Act , 1956 , the following Insertion sub-heading and section shall be inserted , namely : -
of new sub -head- ing and section after section 635A of Act 1 of 1956.
279 280
THE GAZETTE OF INDIA EXTRAORDINARY
[PART II
" Temporary Protection of Employees
Protection
635B . ( 1 ) It-
of em-
ployees during
ency of proceeding before
mvestiga- tion by Inspector orpend- Tribunal
in certam cases
(a) during the course of any investigat on of the affairs and other matters of or relating to a company , pody 01 person under section 235 , section 237 or section 239 or of the membership and other matters of or relating to a company, or the ownership of shaves in or debentures of a company or body corporate , or the affairs and other matters of or relating to a company, body or person , under section 247 , section 248 or section 249 , or
(b ) during the pendency of any proceeding against any person concerned in the conduct and management of the affairs of a company under Chapter IVA of Part VI ,
such company , body or person proposes-
( i ) to discharge, or
(u ) to punish , whether by dismissal , removal , reduction in rank or otherwise ,
any employee , the company , body or person , as the case may be , shall send by post to the Company Law Board previous intimation in writing of the action proposed against the employee and if the Company Law Board has any objection to the action proposed , it shall send by post notice thereof in writing to the company , body or person concerned .
(2) If the company , body or person concerned does not receive within thirty days of the sending of the previous intı- mation of the action proposed against the employee , any notice of the objection from the Company Law Board , then and only then, the company , body or person concerned may proceed to take against the employee the action proposed .
(3 ) If the company , body or person concerned is dissatisfied with the objection raised by the Company Law Board , it may, within thirty days of the receipt of the notice of the abjection , prefer an appeal to the Tribunal in the prescribed manner and on payment of the prescribed fee .
(4 ) The decision of the Tribunal on such appeal shall be final and be binding on the Company Law Board and on the company , body or person concerned THE GAZETTE OF INDIA EXTRAORDINARY
281 SEC . 1 ]
(5) For the removal of doubt , it is hereby declared that the provisions of this section shall have effect without prejudice to the provisions of any other law for the time being in force ." .
S. RADHAKRISHNAN,
President .
R. C. S. SARKAR , Secy. to the Govt . of India .
PRINTED IN INDIA BY THE GENERAL MANAGER , GOVERNMENT OF INDIA PRESS , NEW DELHI AND PUBLISHED BY THE MANAGER OF PUBLICATIONS , DELHI , 1964