[Notification/Effective Date: 12.09.2013]
Section 412- Selection of Members of Tribunal and Appellate Tribunal. [Corresponds to Section 10FX of the Companies Act, 1956]
(1) The President of the Tribunal and the Chairperson and the Judicial Members of the Appellate Tribunal shall be appointed after consultation with the Chief Justice of India.
(2) The Members of the Tribunal and the Technical Members of the Appellate Tribunalshall be appointed on the recommendation of a Selection Committee consisting of—
(a) Chief Justice of India or his nominee—Chairperson;
(b) a senior Judge of the Supreme Court or a Chief Justice of High Court—Member;
(c) Secretary in the Ministry of Corporate Affairs—Member;
(d) Secretary in the Ministry of Law and Justice—Member; and
(e) Secretary in the Department of Financial Services in the Ministry of Finance—Member.
(3) The Secretary, Ministry of Corporate Affairs shall be the Convener of the Selection Committee.
(4) The Selection Committee shall determine its procedure for recommending personsunder sub-section (2).
(5) No appointment of the Members of the Tribunal or the Appellate Tribunal shall be invalid merely by reason of any vacancy or any defect in the constitution of the Selection Committee.