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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 480 Amended: Tribunal Gains Authority for Financial Recoveries from Contributories and Debtors, Supplementing Existing Powers.</h1> Section 480 of the Companies Act, 1956, as amended by the Companies (Second Amendment) Act, 2002, states that the powers granted to the Tribunal under this Act are supplementary to existing powers. These powers include initiating proceedings against any contributory or debtor of a company, or their estates, for recovering calls or other sums owed. The amendment shifts the authority from the Court to the Tribunal, maintaining the ability to pursue financial recoveries without diminishing existing legal powers.
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