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 not to deposit monies into private banking account and Company Liquidation Dividend and Undistributed Assets Account are defined under Section 351 and 352 of Indian Companies Act 2013. Provisions under these Sections are:

Section 351 of Indian Companies Act 2013 "Liquidator not to deposit monies into private banking account"

Neither the Official Liquidator nor the Company Liquidator of a company shall deposit any monies received by him in his capacity as such into any private banking account.

 

Section 352 of Indian Companies Act 2013 "Company Liquidation Dividend and Undistributed Assets Account"

(1) Where any company is being wound up and the liquidator has in his hands or under his control any money representing -

(a) dividends payable to any creditor but which had remained unpaid for six months after the date on which they were declared; or

(b) assets refundable to any contributory which have remained undistributed for six months after the date on which they become refundable, the liquidator shall forthwith deposit the said money into a separate special account to be known as the Company Liquidation Dividend and Undistributed Assets Account maintained in a scheduled bank.

(2) The liquidator shall, on the dissolution of the company, pay into the Company Liquidation Dividend and Undistributed Assets Account any money representing unpaid dividends or undistributed assets in his hands at the date of dissolution.

(3) The liquidator shall, when making any payment referred to in sub-sections (1) and

(2), furnish to the Registrar, a statement in the prescribed form, setting forth, in respect of all sums included in such payment, the nature of the sums, the names and last known addresses of the persons entitled to participate therein, the amount to which each is entitled and the nature of his claim thereto, and such other particulars as may be prescribed.

(4) The liquidator shall be entitled to a receipt from the scheduled bank for any money paid to it under sub-sections (1) and (2), and such receipt shall be an effectual discharge of the Company Liquidator in respect thereof.

(5) Where a company is being wound up voluntarily, the Company Liquidator shall, when filing a statement in pursuance of sub-section (1) of section 348, indicate the sum of money which is payable under sub-sections (1) and (2) of this section during the six months preceding the date on which the said statement is prepared, and shall, within fourteen days of the date of filing the said statement, pay that sum into the Company Liquidation Dividend and Undistributed Assets Account.

(6) Any person claiming to be entitled to any money paid into the Company Liquidation Dividend and Undistributed Assets Account, whether paid in pursuance of this section or under the provisions of any previous company law may apply to the Registrar for payment thereof, and the Registrar, if satisfied that the person claiming is entitled, may make the payment to that person of the sum due:

Provided that the Registrar shall settle the claim of such person within a period of sixty days from the date of receipt of such claim, failing which the Registrar shall make a report to the Regional Director giving reasons of such failure.

(7) Any money paid into the Company Liquidation Dividend and Undistributed Assets Account in pursuance of this section, which remains unclaimed thereafter for a period of fifteen years, shall be transferred to the general revenue account of the Central Government, but a claim to any money so transferred may be preferred under sub-section (6) and shall be dealt with as if such transfer had not been made and the order, if any, for payment on the claim will be treated as an order for refund of revenue.

(8) Any liquidator retaining any money which should have been paid by him into the Company Liquidation Dividend and Undistributed Assets Account under this section shall -

(a) pay interest on the amount so retained at the rate of twelve per cent. per annum and also pay such penalty as may be determined by the Registrar:

Provided that the Central Government may in any proper case remit either in part or in whole the amount of interest which the liquidator is required to pay under this clause;

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

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

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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