Previously the activities of the company regulated by the Company Act 1956. The central government state that the provision of section 465 of company Act 2013 in so far they relate to the repeal of the Company Act, 1956. Company Act 2013 repeal the previous company act of 1956 after receiving the assent of President of India and this act came into force on September 2013. The act made by the Parliament of India which regulate various activities of the companies like appointment of directors, dissolution of the company and etc. These act also consolidate and amend the law related to the company. The company act, 2013 incorporate many changes in the functioning of the company and also introduce alternative dispute resolution as a major method in resolving dispute between the parties relating to Corporate Affairs.
Section 442 of the Company Act,2013 can be discussed as follows:
1.(Mediation and conciliation rules 2016) section 442 to which was enacted on 1st of April 2014 empower the central government to make a panel for mediation between the parties during the pendency of their proceeding before the central government, appellant Tribunal or any other Tribunal. The central government my appoint conciliation panel as well with the appointment of third neutral and impartial party with required qualifications.
2. At any time during the processing before the central government or the appellate Tribunal or any other Tribunal under this act, the disputed party, in the prescribed manner, along fees if any require, can apply to the central government or the other Tribunal under the act to refer the matter to the mediation and conciliation panel.
3. The central government or the tribunal or the appellate tribunal may suo motu refer any matter pending before it to such manner of expert of mediation and conciliation panel as the central government deems fit.
4. The various terms and condition and the fees of the third party appointed for resolving the dispute through mediation and conciliation panel shall be such as will be prescribed.
5. The mediation and conciliation panel shall procedure as maybe prescribed to it and within a period of three months the matter must be disposed of.
6. If the party to the dispute is unsatisfied with the recommendation of the mediation and conciliation panel, then the party can approach to the central government or appellant tribunal or the tribunal under this act.