The Company Law Board was constituted by the Central Government as an independent quasi-judicial body w.e.f 31.5.1991 Under Section 10E of the Companies Act, 1956 replacing the erstwhile Company Law Board which was primarily as a delegatee of the Central government since 1.2.1964. The Company Law Board has framed Company Law Board Regulations 1991 wherein all the procedure for filing the applications/petitions before the Company Law Board has been prescribed.