Bare Act Search Results

COMPANIES (OFFICIAL LIQUIDATOR'S ACCOUNTS) RULES, 1965 Complete Act

State: Central

Year: 1965

.....and payment or for payment, as the case may be, and the proceeds, when realised, shall be credited by the Reserve Bank to the said account and the fact intimated to the official liquidator. Any discount deducted or allowed on realisation by the official liquidator in payment of the amount due to him or other bank charges or any other charges shall be recoverable from the persons making the payment. 7. Remittance.- (1) Payments made in cash and those made by cheque shall be remitted to the Reserve Bank under separate challans. (2) The acknowledgement of the Reserve Bank shall be obtained for all moneys remitted into the Reserve Bank to the credit of the said account. 8. Withdrawals from Bank.- All moneys required by the official liquidator for meeting the expenses of, or for making cash payments in connection with, the liquidation of a company in his charge, shall be withdrawn from the Reserve Bank by cheques and every payment made by the official liquidator in excess of Rs. 50 shall be made by cheque drawn against the said account. 9. Periodical examination of accounts.- The official liquidator shall, at the end of every three months, examine the account of each.....

Companies Act, 1956 Section 457

Title: Powers of Liquidator

State: Central

Year: 1956

.....inviting bids shall contain the following details, namely:-- (a) name, address of registered office of the company and its branch offices, factories and plants and the place where assets of the company are kept and available for sale; (b) last date for submitting bids which shall not exceed ninety days from the date of advertisement; (c) time during which the premises of the company shall remain open for inspection; (d) the last date for withdrawing the bid; (e) financial guarantee which shall not be less than one-half of the value of the bid; (f) validity period of the bids; (g) place and date of opening of the bids in public; (h) reserve price and earnest money to be deposited along with the bid; (i) any other terms and conditions of sale which may be prescribed. (2G) The liquidator appointed shall-- (a) maintain a separate bank account for each company under his charge for depositing the sale proceeds of the assets and recovery of debts of each company; (b) maintain proper books of account in respect of all receipts and payments made by him in respect of each company and submit half yearly return of receipts and payments to the Tribunal.] (3).....

Insurance Act, 1938 (4 of 1938) Section 92

Title: Procedure at Liquidation

State: Central

Year: 1938

.....(7 of 1913). 8 [(13) The costs of the liquidation including the remuneration of the liquidator and any expenses incurred under clause (g) of sub-section (1) of section 91 or shall, if the liquidator decides that they shall be payable out of the assets of the society, be payable in priority to all other claims.] _________________________ 1. Substituted by Act 47 of 1950, section 54, for "the Superintendent of Insurance shall appoint a suitable person" (w.e.f. 1-6-1950). 2. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 3. Substituted by Act 41 of 1999, section 30 and Schedule I, for " he" (w.e.f. 19-4-2000). 4. Substituted by Act 6 of 1946, section 41, for "if so desired" (w.e.f. 20-3-1946). 5. Substituted by Act 47 of 1950, section 54, for "and if so desired, shall also appoint a committee of inspection" (w.e.f. 1-6-1950). 6. Substituted by Act 47 of 1950, section 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950) and again substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 7. Inserted by Act 47 of 1950, section 54 (w.e.f. 1-6-1950). 8. Added by Act 13 of.....

Companies Act, 1956 Section 448

Title: Appointment of Official Liquidator

State: Central

Year: 1956

.....the assets and be paid to the Official Liquidator or to the Central Government, as the case may be. ( 6) The Official Liquidator shall conduct proceedings in the winding up of a company and perform such duties in reference thereto as the Tribunal may specify in this behalf: Provided that the Tribunal may -- (a) transfer the work assigned from one Official Liquidator to another Official Liquidator for the reasons to be recorded in writing; (b) remove the Official Liquidator on sufficient cause being sh own; (c) proceed against the Official Liquidator for professional misconduct.] _____________________ 1. Substituted by Act 11 of 2003, Section 63, for Section 448 (See Annexe).

Companies Act, 2013, Section 275

Title: Company Liquidators and their Appointments

State: Central

Year: 2013

.....to be performed, experience, qualification of such liquidator and size of the company. (6) On appointment as provisional liquidator or Company Liquidator, as the case may be, such liquidator shall file a declaration within seven days from the date of appointment in the prescribed form disclosing conflict of interest or lack of independence in respect of his appointment, if any, with the Tribunal and such obligation shall continue throughout the term of his appointment. (7) While passing a winding up order, the Tribunal may appoint a provisional liquidator, if any, appointed under clause (c) of sub-section (1) of section 273, as the Company Liquidator for the conduct of the proceedings for the winding up of the company.

Companies Act, 2013, Section 277

Title: Intimation to Company Liquidator, Provisional Liquidator and Registrar

State: Central

Year: 2013

.....thereof to be sent to the Company Liquidator or provisional liquidator, as the case may be, and the Registrar. (2) On receipt of the copy of order of appointment of provisional liquidator or winding up order, the Registrar shall make an endorsement to that effect in his records relating to the company and notify in the Official Gazette that such an order has been made and in the case of a listed company, the Registrar shall intimate about such appointment or order, as the case may be, to the stock exchange or exchanges where the securities of the company are listed. (3) The winding up order shall be deemed to be a notice of discharge to the officers, employees and workmen of the company, except when the business of the company is continued. (4) Within three weeks from the date of passing of winding up order, the Company Liquidator shall make an application to the Tribunal for constitution of a winding up committee to assist and monitor the progress of liquidation proceedings by the Company Liquidator in carrying out the function as provided in sub-section (5) and such winding up committee shall comprise of the following persons, namely:-- (i) Official Liquidator.....

Companies Act, 2013, Section 352

Title: Company Liquidation Dividend and Undistributed Assets Account

State: Central

Year: 2013

.....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.....

COMPANY'S LIQUIDATION ACCOUNTS RULES, 1965 Complete Act

State: Central

Year: 1965

.....the amount, if any, to which the claimant is entitled. (5) Where the claimant's title to the aforesaid money has been established to the satisfaction of the Central Government, that Government shall direct the claimant (not being the Central Government itself, a State Government, a Government company within the meaning of section 617 of the Act or a local authority) to execute an indemnity bond with or without surety in the form set out in Annexure II or as near thereto as may be on a non-judicial stamp paper of the value payable in the State of execution or acceptance. (6) On receipt of the report referred to in sub-rule (4) and the indemnity bond, if any, duly executed by the claimant, the Central Government shall issue a payment order sanctioning the payment of the amount due to the claimant. (7) Notwithstanding anything in sub-rule (4) or sub-rule (5), the Central Government may, where the amount claimed is not more than 2[one thousand rupees] and the claimant establishes his title to the money to its satisfaction, issue an order sanctioning the payment of the amount due to the claimant. (8) The claimant, on receipt of the order under sub-rule (6) or sub-rule.....

Companies Act, 1956 Section 454

Title: Statement of Affairs to Be Made to Official Liquidator

State: Central

Year: 1956

.....up order is made or the provisional liquidator is appointed, may take cognizance of an offence under sub-section (5) upon receiving a complaint of facts constituting such an offence and trying the offence itself in accordance with the procedure laid down in the Code of Criminal Procedure, 1898 (5 of 1898), for the trial of summons cases by magistrates.] (6) Any person slating 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 submitted in pursuance of this section, and to a copy thereof or extract therefrom. (7) Any person untruthfully so stating himself to be a creditor or contributory shall be guilty of an offence under section 182 of the Indian Penal Code (45 of 1860); and shall, on the application of the Official Liquidator, be punishable accordingly. (8) In this section, the expression "the relevant date" means, in a case where a provisional liquidator is appointed, the date of his appointment, and in a case where no such appointment is made, the date of the winding up order. _____________________ 1. Substituted by Act.....

Income Tax Act, 1961 Section 178

Title: Company in Liquidation

State: Central

Year: 1961

.....the date of liquidation or for meeting such costs and expenses of the winding up of the company as are in the opinion of the Chief Commissioner or Commissioner reasonable. (4) If the liquidator fails to give the notice in accordance with sub-section (1) or fails to set aside the amount as required by sub-section (3) or parts with any of the assets of the company or the properties in his hands in contravention of the provisions of that sub-section, he shall be personally liable for the payment of the tax which the company would be liable to pay: Provided that if the amount of any tax payable by the company is notified under sub-section (2), the personal liability of the liquidator under this subsection shall be to the extent of such amount. (5) Where there are more liquidators than one, the obligations and liabilities attached to the liquidator under this section shall attach to all the liquidators jointly and severally. (6) The provisions of this section shall have effect notwithstanding anything to the contrary contained in any other law for the time being in force.