What is Final meeting and dissolution of company? Section 318 of Indian Companies Act 2013

Final meeting and dissolution of company are defined under Section 318 of Indian Companies Act 2013. Provisions under this Section is:

Section 318 of Indian Companies Act 2013 "Final meeting and dissolution of company"

(1) As soon as the affairs of a company are fully wound up, the Company Liquidator shall prepare a report of the winding up showing that the property and assets of the company have been disposed of and its debt fully discharged or discharged to the satisfaction of the creditors and thereafter call a general meeting of the company for the purpose of laying the final winding up accounts before it and giving any explanation therefore.

 

(2) The meeting referred to in sub-section (1) shall be called by the Company Liquidator in such form and manner as may be prescribed. (3) If the majority of the members of the company after considering the report of the Company Liquidator are satisfied that the company shall be wound up, they may pass a resolution for its dissolution.

(4) Within two weeks after the meeting, the Company Liquidator shall -

(a) send to the Registrar -

(i) a copy of the final winding up accounts of the company and shall make a return in respect of each meeting and of the date thereof; and

(ii) copies of the resolutions passed in the meetings; and

(b) file an application along with his report under sub-section (1) in such manner as may be prescribed along with the books and papers of the company relating to the winding up, before the Tribunal for passing an order of dissolution of the company.

(5) If the Tribunal is satisfied, after considering the report of the Company Liquidator that the process of winding up has been just and fair, the Tribunal shall pass an order dissolving the company within sixty days of the receipt of the application under sub-section (4).

(6) The Company Liquidator shall file a copy of the order under sub-section (5) with the Registrar within thirty days.

(7) The Registrar, on receiving the copy of the order passed by the Tribunal under subsection

(5), shall forthwith publish a notice in the Official Gazette that the company is dissolved.

Punishment for violation of Section 318 of Companies Act 2013 regarding final meeting and dissolution of Company

(8) If the Company Liquidator fails to comply with the provisions of this section, he shall be punishable with fine which may extend to one lakh rupees.

What is Arrest of person trying to leave India or abscond? What is Dissolution of company by Tribunal? Section 301 and 302 of Indian Companies Act 2013

What is Appeals from orders made before commencement of Act Circumstances in which company may be wound up voluntarily? Section 303 and 304 of Indian Companies Act 2013

What is declaration of solvency in case of proposal to wind up voluntarily? What is Meeting of creditors? Section 305 and 306 of Indian Companies Act 2013

What is Publication of resolution to wind up voluntarily? What is Commencement of voluntary winding up? What are the Effect of voluntary winding up? Section 307, 308 and 309 of Indian Companies Act 2013

What is appointment of Company Liquidator? What is Power to remove and fill vacancy of Company Liquidator? Section 310 and 311 of Indian Companies Act 2013

What is Notice of appointment of Company Liquidator to be given to Registrar? What is Cessar of Board's powers on appointment of Company Liquidator? Section 312 and 313 of Indian Companies Act 2013

What are the Powers and duties of Company Liquidator in voluntary winding up? What is appointment of committees? Section 314 and 315 of Indian Companies Act 2013

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

What is Final meeting and dissolution of company? Section 318 of Indian Companies Act 2013

What is Power of Company Liquidator to accept shares, etc., as consideration for sale of property of company? What is distribution of property of company? Section 319 and 320 of Indian Companies Act 2013

 

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