What is Disposal of books and papers of company? What is Information as to pending liquidations? Section 347 and 348 of Indian Companies Act 2013

Disposal of books and papers of company and Information as to pending liquidations are defined under Section 347 and 348 of Indian Companies Act 2013. Provisions under these Sections are:

Section 347 of Indian Companies Act 2013 "Disposal of books and papers of company"

 

(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 up by the Tribunal, in such manner as the Tribunal directs; and

(b) in the case of voluntary winding up, in such manner as the company by special resolution with the prior approval of the creditors direct.

(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.

Section 348 of Indian Companies Act 2013 "Information as to pending liquidations"

(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 Central Government, within two months of the expiry of such year and thereafter until the winding up is concluded, at intervals of not more than one year or at such shorter intervals, if any, as may be prescribed, file a statement in such form containing such particulars as may be prescribed, duly audited, by a person qualified to act as auditor of the company, with respect to the proceedings in, and position of, the liquidation, -

(a) in the case of a winding up by the Tribunal, with the Tribunal; and

(b) in the case of a voluntary winding up, with the Registrar:

Provided that no such audit as is referred to in this sub-section shall be necessary where the provisions of section 294 apply.

(2) When the statement is filed with the Tribunal under clause (a) of sub-section (1), a copy shall simultaneously be filed with the Registrar and shall be kept by him along with the other records of the company.

(3) Where a statement referred to in sub-section (1) relates to a Government company in liquidation, the Company Liquidator shall forward a copy thereof -

(a) to the Central Government, if that Government is a member of the Government company;

(b) to any State Government, if that Government is a member of the Government company; or

(c) to the Central Government and any State Government, if both the Governments are members of the Government company.

(4) Any person stating himself in writing to be a creditor or contributory of the company shall be entitled, by himself or by his agent, at all reasonable times, on payment of the prescribed fee, to inspect the statement referred to in sub-section (1), and to receive a copy thereof or an extract there from.

(5) Any person fraudulently stating himself to be a creditor or contributory under subsection

(4) shall be deemed to be guilty of an offence under section 182 of the Indian Penal Code, and shall, on the application of the Company Liquidator, be punishable accordingly.

Punishment for violation of Section 348 of Companies Act 2013 regarding information as to pending liquidations.

(6) If a Company Liquidator contravenes the provisions of this section, the Company Liquidator shall be punishable with fine which may extend to five thousand rupees for every day during which the failure continues.

(7) If a Company Liquidator makes willful default in causing the statement referred to in sub-section (1) audited by a person who is not qualified to act as an auditor of the company, the Company Liquidator shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to one lakh rupees, or with both.

What is Liability under sections 339 and 340 to extend to partners or directors in firms or companies? What is Prosecution of delinquent officers and members of company? Section 341 and 342 of Indian Companies Act 2013

Company Liquidator to exercise certain powers subject to sanction. What is Statement that company is in liquidation? Section 343 and 344 of Indian Companies Act 2013

What is the meaning of Books and papers of company to be evidence? What is inspection of books and papers by creditors and contributories? Section 345 and 346 of Indian Companies Act 2013

What is Disposal of books and papers of company? What is Information as to pending liquidations? Section 347 and 348 of Indian Companies Act 2013

What is the meaning of Official Liquidator to make payments into public account of India? What is Company Liquidator to deposit monies into scheduled bank? Section 349 and 350 of Indian Companies Act 2013

What is Liquidator not to deposit monies into private banking account? What is Company Liquidation Dividend and Undistributed Assets Account? Section 351 and 352 of Indian Companies Act 2013

Liquidator to make returns, etc What is Meetings to ascertain wishes of creditors or contributories? Section 353 and 354 of Indian Companies Act 2013

Court, tribunal or person, etc., before whom affidavit may be sworn? What are the Powers of Tribunal to declare dissolution of company void? Section 355 and 356 of Indian Companies Act 2013

What is Commencement of winding up by Tribunal? What is Exclusion of certain time in computing period of limitation? Section 357 and 358 of Indian Companies Act 2013

What is Appointment of Official Liquidator? What are the Powers and functions of Official Liquidator? Section 359 and 360 of Indian Companies Act 2013

 

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