Lawgist347Disposal of books and papers of compan
1[(1) When the affairs of a company have been completely wound up and it is about to be dissolved, the books and papers of such company and those of the Company Liquidator may be disposed of in such manner as the Tribunal directs.]
(2) After the expiry of five years from the dissolution of the company, no responsibility shall devolve on the company, the Company Liquidator, or any person to whom the custody of the books and papers has been entrusted, by reason of any book or paper not being forthcoming to any person claiming to be interested therein.
(3) The Central Government may, by rules,--
(a) prevent for such period as it thinks proper the destruction of the books and papers of a company which has been wound up and of its Company Liquidator; and
(b) enable any creditor or contributory of the company to make representations to the Central Government in respect of the matters specified in clause (a) and to appeal to the Tribunal from any order which may be made by the Central Government in the matter.
(4) If any person acts in contravention of any rule framed or an order made under sub-section (3), he shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to fifty thousand rupees, or with both.
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1. Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for sub-section (1) (w.e.f. 15-11-2016).
- 324 Debts of all descriptions to be admitted to proo
- 325 Application of insolvency rules in winding up of insolvent companies
- 326 Overriding preferential payments
- 327 Preferential payments
- 328 Fraudulent preferenc
- 329 Transfers not in good faith to be voi
- 330 Certain transfers to be void
- 331 Liabilities and rights of certain persons fraudulently preferred
- 332 Effect of floating charge
- 333 Disclaimer of onerous property
- 334 Transfers, etc., after commencement of winding up to be void
- 335 Certain attachments, executions, etc., in winding up by Tribunal to be voi
- 336 Offences by officers of companies in liquidation
- 337 Penalty for frauds by officers
- 338 Liability where proper accounts not kep
- 339 Liability for fraudulent conduct of busines
- 340 Power of Tribunal to assess damages against delinquent directors, et
- 341 Liability under sections 339 and 340 to extend to partners or directors in firms or companie
- 342 Prosecution of delinquent officers and members of company
- 343 Company Liquidator to exercise certain powers subject to sanction
- 344 Statement that company is in liquidation
- 345 Books and papers of company to be evidence
- 346 Inspection of books and papers by creditors and contributories
- 347 Disposal of books and papers of compan
- 348 Information as to pending liquidations
- 349 Official Liquidator to make payments into public account of India
- 350 Company Liquidator to deposit monies into scheduled ban
- 351 Liquidator not to deposit monies into private banking account
- 352 Company Liquidation Dividend and Undistributed Assets Accoun
- 353 Liquidator to make returns, etc
- 354 Meetings to ascertain wishes of creditors or contributorie
- 355 Court, tribunal or person, etc., before whom affidavit may be sworn
- 356 Power of Tribunal to declare dissolution of company void
- 357 Commencement of winding up by Tribunal
- 358 Exclusion of certain time in computing period of limitation
