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

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