Banerjee's selection has been cleared by the law, justice and company affairs minister Rangarajan Kumaramangalam, sources in the Department of Company Affairs (DCA) said. The appointment is now pending clearance before the Appointments Committee of the Cabinet (ACC).

Justice Banerjee was one of the 33 candidates in the fray for the post of the chairman. Other top contenders include CLB vice chairman S Balasubramanian, who is officiating as the acting chairman.

Justice Banerjee would hold the office for close to two-and-half years, once the appointment is finalised. Sources said, Banerjee has substantial expertise in administering corporate laws and this proved to be an advantage during the selection process. The top CLB post has been lying vacant since last July whenthe then chairman PK Mazumdar retired on attaining 65 years of age. At that stage, the selection committee had finalised the candidature of Justice Satpal, a retired Himachal High Court judge, and sent its recommendation to D Thambi Durai, the then minister for law, justice and company affairs.

Durai, on his part, spiked the recommendation and consequently, the appointment could not be carried forward. Meanwhile, the law ministry asked Balasubramanian to take charge as the acting chairman of the board. According to DCA sources, Justice Satpal's candidature was spiked as Durai was in favour appointing another of the 25-odd candidates in fray as to office of the chairman.

Meanwhile, the law ministry has finalised transfers of certain members to other regions. CR Mehta, a member posted with Western region bench is being transferred Delhi, while AK Doshi, a recent appointee with the Northern bench is moving to Southern Bench.

Besides, the CLB continues to operate with a total of five members though theauthorised number is nine members, inclusive of the chairman and vice chairman.