Andhra Pradesh state has achieved the dubious record of having highest number of pending corporate litigations in the country.
This news was announced by union Finance Minister Arun Jaitely in a media meet. Jaitely said that there are 3,507 pending corporate litigations in the country. Andhra Pradesh has the highest number 685, followed by Gujarat (545) and West Bengal (441).
Out of the 3,507 pending cases with the Company Law Board (CLB), 1400 remain undecided for over 10 years and 1531 have been pending for over 5 years. Jaitely said that in order to speed up this process of clearing pending litigations, the erstwhile Companies Act, 1956, is replaced by the Companies Act, 2013.
Just the other day Andhra Pradesh Chief Minister Nara Chandrababu Naidu announced that the state achieved an all time record 11.77 percent growth rate in the first half of fiscal year. However, this dubious record of pending corporate litigations is completely contrasting one and a big setback.
