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

Official Liquidator to make payments into public account of India and Company Liquidator to deposit monies into scheduled bank are defined under Section 349 and 350 of Indian Companies Act 2013. Provisions under these Sections are:

Section 349 of Indian Companies Act 2013 "Official Liquidator to make payments into public account of India"

 

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 India.

Section 350 of Indian Companies Act 2013 "Company Liquidator to deposit monies into scheduled bank"

(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 bank account opened by him in that behalf:

Provided that if the Tribunal considers that it is advantageous for the creditors or contributories or the company, it may permit the account to be opened in such other bank specified by it.

(2) If any Company Liquidator at any time retains for more than ten days a sum exceeding five thousand rupees or such other amount as the Tribunal may, on the application of the Company Liquidator, authorise him to retain, then, unless he explains the retention to the satisfaction of the Tribunal, he shall -

(a) pay interest on the amount so retained in excess, at the rate of twelve per cent. per annum and also pay such penalty as may be determined by the Tribunal;

(b) be liable to pay any expenses occasioned by reason of his default; and

(c) also be liable to have all or such part of his remuneration, as the Tribunal may consider just and proper, disallowed, or may also be removed from his office

 

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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