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the expenses of, or for making cash payments in connection with, the liquidation of a company in his charge, shall be withdrawn from the Reserve Bank by cheques and every payment made by the official liquidator in excess of Rs. 50 shall be made by cheque drawn against the said account.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 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, 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.....

Companies Act, 2013, Section 359

Title: Appointment of Official Liquidator

State: Central

Year: 2013

(1) For the purposes of this Act, so far as it relates to the winding up of companies by the Tribunal, the Central Government may appoint as many Official Liquidators, Joint, Deputy or Assistant Official Liquidators as it may consider necessary to discharge the functions of the Official Liquidator. (2) The liquidators appointed under sub-section (1) shall be whole-time officers of the Central Government. (3) The salary and other allowances of the Official Liquidator, Joint Official Liquidator, Deputy Official Liquidator and Assistant Official Liquidator shall be paid by the Central Government.

Banking Regulation Act, 1949 Section 39

Title: Reserve Bank to Be Official Liquidator

State: Central

Year: 1949

1[39. Reserve Bank to be official liquidator.- 2[(1)] Notwithstanding anything contained in section 38A of this Act or in section 448 or section 449 of the Companies Act, 1956(1 of 1956), where in any proceeding for the winding up by the High Court of a banking company, an application is made by the Reserve Bank in this behalf, the Reserve Bank, the State Bank of India or any other bank notified by the Central Government in this behalf or any individual, as stated in such application shall be appointed as the official liquidator of the banking company in such proceeding and the liquidator, if any, functioning in such proceeding shall vacate office upon such appointment.] 3[(2) Subject to such directions as may be made by the High Court, the remuneration of the official liquidator appointed under this section, the cost and expenses of this establishment and the cost and expenses of the winding up shall be met out of the assets of the banking company which is being wound up, and notwithstanding anything to the contrary contained in any other law for the time being in force, no fees shall be payable to the Central Government, out of the assets of the banking company.] .....

Companies Act, 1956 Section 455

Title: Report by Official Liquidator

State: Central

Year: 1956

.....reports, stating the manner in which the company was promoted or formed and whether in his opinion any fraud has been committed by any person in its promotion or formation, or by any officer of the company in relation to the company since the formation thereof, and any other matters which, in his opinion, it is desirable to bring to the notice of the 2 [Tribunal]. (3) If the Official Liquidator states in any such further report that in this opinion a fraud has been committed as aforesaid, the 2 [Tribunal] shall have the further powers provided in section 478. _____________________ 1. Inserted by Act 65 of 1960, Section 168 (w.e.f. 28-12-1960). 2. Substituted by Act 11 of 2003, Section 66, for "Court".

Banking Regulation Act, 1949 Section 41

Title: Preliminary Report by Official Liquidator

State: Central

Year: 1949

.....its assets which are likely to be collected in cash before the expiry of that period of two months in order that such assets may be applied speedily towards the making of preferential payments under section 530 of the Companies Act, 1956, and in the discharge, as far as possible, of the liabilities and obligations of the banking company to its depositors and other creditors in accordance with the provisions hereinafter contained; and the official liquidator shall make for the purposes aforesaid every endeavour to collect in cash as such of the assets of the banking company as practicable. ______________________ 1. Substituted by Act 37 of 1960, Section 3, for section 41.

Companies Act, 2013, Section 360

Title: Powers and Functions of Official Liquidator

State: Central

Year: 2013

(1) The Official Liquidator shall exercise such powers and perform such duties as the Central Government may prescribe. (2) Without prejudice to the provisions of sub-section (1), the Official Liquidator may-- (a) exercise all or any of the powers as may be exercised by a Company Liquidator under the provisions of this Act; and (b) conduct inquiries or investigations, if directed by the Tribunal or the Central Government, in respect of matters arising out of winding up proceedings.

Companies Act, 1956 Section 449

Title: Official Liquidator to Be Liquidator

State: Central

Year: 1956

On a winding up order being made in respect of a company, the Official Liquidator shall, by virtue of his office, become the liquidator of the company.

Companies Act, 1956 Section 444

Title: Order for Winding Up to Be Communicated to Official Liquidator and Registrar

State: Central

Year: 1956

1[444 . Order for winding up to be communicated to Official Liquidator and Registrar Where the Tribunal makes an order for the winding up of the company, the Tribunal, shall within a period not exceeding two weeks from the date of passing of the order, cause intimation thereof to be sent to the Official Liquidator and the Registrar.] ____________________ 1. Substituted by Act 11 of 2003, Section 60, for Section 444 (See Annexe).