What is the responsibility of Company Liquidator to submit report on progress of winding up What is Report of Company Liquidator to Tribunal for examination of persons Section 316 and 317 of Indian Companies Act 2013

Company Liquidator to submit report on progress of winding up and Report of Company Liquidator to Tribunal for examination of persons are defined under Section 316 and 317 of Indian Companies Act 2013. Provisions under these Sections are:

Section 316 of Indian Companies Act 2013 "Company Liquidator to submit report on progress of winding up"

(1) The Company Liquidator shall report quarterly on the progress of winding up of the company in such form and in such manner as may be prescribed to the members and creditors and shall also call a meeting of the members and the creditors as and when necessary but at least one meeting each of creditors and members in every quarter and apprise them of the progress of the winding up of the company in such form and in such manner as may be prescribed.


 

Punishment for violation of Section 316 of Companies Act 2013 regarding progress report of winding up by liquidator

(2) If the Company Liquidator fails to comply with the provisions of sub-section (1), he shall be punishable, in respect of each such failure, with fine which may extend to ten lakh rupees.

 

Section 317 of Indian Companies Act 2013 "Report of Company Liquidator to Tribunal for examination of persons"

(1) Where the Company Liquidator is of the opinion that a fraud has been committed by any person in respect of the company, he shall immediately make a report to the Tribunal and the Tribunal shall, without prejudice to the process of winding up, order for investigation under section 210 and on consideration of the report of such investigation, the Tribunal may pass such order and give such directions under this Chapter as it may consider necessary including the direction that such person shall attend before the Tribunal on a day appointed by it for that purpose and be examined as to the promotion or formation or the conduct of the business of the company or as to his conduct and dealings as officer thereof or otherwise.

(2) The provisions of section 300 shall mutatis mutandis apply in relation to any examination directed under sub-section (1).

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