Chapter 20 - Corporate Law Reporter

Section 352 of Companies Act, 2013 – Company Liquidation Dividend and Undistributed Assets Account

SECTION 352. COMPANY LIQUIDATION DIVIDEND AND UNDISTRIBUTED ASSETS ACCOUNT [Effective from 15th December, 2016] (1) Where any company is being wound up and the liquidator has in his hands or under his control any money representing— (a) dividends payable to any creditor but which had remained unpaid for six months after the date on which… Read More

Section 351 of Companies Act, 2013 – Liquidator not to deposit monies into private banking account

SECTION 351. LIQUIDATOR NOT TO DEPOSIT MONIES INTO PRIVATE BANKING ACCOUNT [Effective from 15th December, 2016] Neither the Official Liquidator nor the Company Liquidator of a company shall deposit any monies received by him in his capacity as such into any private banking account. Read More

Section 350 of Companies Act, 2013 – Company Liquidator to deposit monies into scheduled bank

SECTION 350. COMPANY LIQUIDATOR TO DEPOSIT MONIES INTO SCHEDULED BANK [Effective from 15th December, 2016] (1) Every Company Liquidator of a company shall, in such manner and at such times as may be prescribed, deposit the monies received by him in his capacity as such in a scheduled bank to the credit of a special… Read More

Section 349 of Companies Act, 2013 – Official Liquidator to make payments into public account of India

SECTION 349. OFFICIAL LIQUIDATOR TO MAKE PAYMENTS INTO PUBLIC ACCOUNT OF INDIA [Effective from 15th December, 2016] Every Official Liquidator shall, in such manner and at such times as may be prescribed, pay the monies received by him as Official Liquidator of any company, into the public account of India in the Reserve Bank of… Read More

Section 348 of Companies Act, 2013 – Information as to pending liquidations

SECTION 348. INFORMATION AS TO PENDING LIQUIDATIONS [Effective from 15th December, 2016] (1) If the winding up of a company is not concluded within one year after its commencement, the Company Liquidator shall, unless he is exempted from so doing either wholly or in part by the [1] [Central Government], within two months of the… Read More

Section 347 of Companies Act, 2013 – Disposal of books and papers of company

SECTION 347. DISPOSAL OF BOOKS AND PAPERS OF COMPANY [Effective from 15th December, 2016] (1) When the affairs of a company have been completely wound up and it is about to be dissolved, its books and papers and those of the Company Liquidator may be disposed of as follows:— (a) in the case of winding… Read More

Section 346 of Companies Act, 2013 – Inspection of books and papers by creditors and contributories

SECTION 346. INSPECTION OF BOOKS AND PAPERS BY CREDITORS AND CONTRIBUTORIES [Effective from 15th December, 2016] (1) At any time after the making of an order for the winding up of a company by the Tribunal, any creditor or contributory of the company may inspect the books and papers of the company only in accordance… Read More

Section 345 of Companies Act, 2013 – Books and papers of company to be evidence

SECTION 345. BOOKS AND PAPERS OF COMPANY TO BE EVIDENCE [Effective from 15th December, 2016] Where a company is being wound up, all books and papers of the company and of the Company Liquidator shall, as between the contributories of the company, be prima facie evidence of the truth of all matters purporting to be… Read More

Section 344 of Companies Act, 2013 – Statement that company is in liquidation

SECTION 344. STATEMENT THAT COMPANY IS IN LIQUIDATION [Effective from 15th December, 2016] (1) Where a company is being wound up, whether by the Tribunal or voluntarily, every invoice, order for goods or business letter issued by or on behalf of the company or a Company Liquidator of the company, or a receiver or manager… Read More

Section 343 of Companies Act, 2013 – Company Liquidator to exercise certain powers subject to sanction

SECTION 343. COMPANY LIQUIDATOR TO EXERCISE CERTAIN POWERS SUBJECT TO SANCTION [Effective from 15th December, 2016] (1) The Company Liquidator may— (a) with the sanction of the Tribunal, when the company is being wound up by the Tribunal; and (b) with the sanction of a special resolution of the company and prior approval of the… Read More

Section 342 of Companies Act, 2013 – Prosecution of delinquent officers and members of company

SECTION 342. PROSECUTION OF DELINQUENT OFFICERS AND MEMBERS OF COMPANY [Effective from 15th December, 2016] (1) If it appears to the Tribunal in the course of a winding up by the Tribunal, that any person, who is or has been an officer, or any member, of the company has been guilty of any offence in… Read More

Section 341 of Companies Act, 2013 – Liability under sections 339 and 340 to extend to partners or directors in firms or companies

SECTION 341. LIABILITY UNDER SECTIONS 339 AND 340 TO EXTEND TO PARTNERS OR DIRECTORS IN FIRMS OR COMPANIES [Effective from 9th September, 2016 (to the extent of their applicability to Section 246), complete section effective from 15th December, 2016] Where a declaration under section 339 or an order under section 340 is made in respect… Read More

Section 340 of Companies Act, 2013 – Power of Tribunal to assess damages against delinquent directors, etc

SECTION 340. Power of Tribunal to assess damages against delinquent directors, etc. [Effective from 9th September, 2016 (to the extent of their applicability to Section 246), complete section effective from 15th December, 2016] (1) If in the course of winding up of a company, it appears that any person who has taken part in the promotion or… Read More