The Company Law Board (CLB), the quasi-judicial body constituted to hear issues under the purview of the Companies Act, is soon to get 3 new members. U.C Nahta will be the new technical member and Lizamma Augustine and B.S.V. Prakash Kumar will be inducted as the new judicial members.

The new appointments follow the arrest of CLB Member and acting chairman R Vasudevan by the CBI on bribery charges. Vasudevan is being charged with taking a bribe of Rs. 7 lakhs from the Company Secretary of a media organisation to pass a favourable order.

The government had acted promptly in filling the vacancy of CLB Chairman with retired Chhattisgarh High Court judge, Justice Dilip Raosaheb Deshmukh, who assumed charge on November 27. However, the arrest left the CLB severely short-staffed, and with thousands of pending cases. The Government is expected to appoint a few more members by January 2010.

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