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Start Free TrialCompanies Act, 2013, Section 141
Title: Eligibility, Qualifications and Disqualifications of Auditors
State: Central
Year: 2013
.....partner of a firm holding appointment as its auditor, if such persons or partner is at the date of such appointment or reappointment holding appointment as auditor of more than twenty companies; (h) a person who has been convicted by a court of an offence involving fraud and a period of ten years has not elapsed from the date of such conviction; (i) any person whose subsidiary or associate company or any other form of entity, is engaged as on the date of appointment in consulting and specialised services as provided in section 144. (4) Where a person appointed as an auditor of a company incurs any of the disqualifications mentioned in sub-section (3) after his appointment, he shall vacate his office as such auditor and such vacation shall be deemed to be a casual vacancy in the office of the auditor.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 349
Title: Official Liquidator to Make Payments into Public Account of India
State: Central
Year: 2013
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.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 323
Title: Costs of Voluntary Winding Up
State: Central
Year: 2013
All costs, charges and expenses properly incurred in the winding up, including the fee of the Company Liquidator, shall, subject to the rights of secured creditors, if any, be payable out of the assets of the company in priority to all other claims.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 324
Title: Debts of All Descriptions to Be Admitted to Proof
State: Central
Year: 2013
In every winding up (subject, in the case of insolvent companies, to the application in accordance with the provisions of this Act or of the law of insolvency), all debts payable on a contingency, and all claims against the company, present or future, certain or contingent, ascertained or sounding only in damages, shall be admissible to proof against the company, a just estimate being made, so far as possible, of the value of such debts or claims as may be subject to any contingency, or may sound only in damages, or for some other reason may not bear a certain value.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 328
Title: Fraudulent Preference
State: Central
Year: 2013
(1) Where a company has given preference to a person who is one of the creditors of the company or a surety or guarantor for any of the debts or other liabilities of the company, and the company does anything or suffers anything done which has the effect of putting that person into a position which, in the event of the company going into liquidation, will be better than the position he would have been in if that thing had not been done prior to six months of making winding up application, the Tribunal, if satisfied that, such transaction is a fraudulent preference may order as it may think fit for restoring the position to what it would have been if the company had not given that preference. (2) If the Tribunal is satisfied that there is a preference transfer of property, movable or immovable, or any delivery of goods, payment, execution made, taken or done by or against a company within six months before making winding up application, the Tribunal may order as it may think fit and may declare such transaction invalid and restore the position.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 329
Title: Transfers Not in Good Faith to Be Void
State: Central
Year: 2013
Any transfer of property, movable or immovable, or any delivery of goods, made by a company, not being a transfer or delivery made in the ordinary course of its business or in favour of a purchaser or encumbrance in good faith and for valuable consideration, if made within a period of one year before the presentation of a petition for winding up by the Tribunal or the passing of a resolution for voluntary winding up of the company, shall be void against the Company Liquidator.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 330
Title: Certain Transfers to Be Void
State: Central
Year: 2013
Any transfer or assignment by a company of all its properties or assets to trustees for the benefit of all its creditors shall be void.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 334
Title: Transfers, Etc., After Commencement of Winding Up to Be Void
State: Central
Year: 2013
(1) In the case of a voluntary winding up, any transfer of shares in the company, not being a transfer made to or with the sanction of the Company Liquidator, and any alteration in the status of the members of the company, made after the commencement of the winding up, shall be void. (2) In the case of a winding up by the Tribunal, any disposition of the property, including actionable claims, of the company, and any transfer of shares in the company or alteration in the status of its members, made after the commencement of the winding up, shall, unless the Tribunal otherwise orders, be void.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 337
Title: Penalty for Frauds by Officers
State: Central
Year: 2013
If any person, being at the time of the commission of the alleged offence an officer of a company which is subsequently ordered to be wound up by the Tribunal or which subsequently passes a resolution for voluntary winding up,-- (a) has, by false pretences or by means of any other fraud, induced any person to give credit to the company; (b) with intent to defraud creditors of the company or any other person, has made or caused to be made any gift or transfer of, or charge on, or has caused or connived at the levying of any execution against, the property of the company; or (c) with intent to defraud creditors of the company, has concealed or removed any part of the property of the company since the date of any unsatisfied judgment or order for payment of money obtained against the company or within two months before that date, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to three years and with fine which shall not be less than one lakh rupees but which may extend to three lakh rupees.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 345
Title: Books and Papers of Company to Be Evidence
State: Central
Year: 2013
Where a company is being wound up, all books and papers of the company and of the Company Liquidator shall, as between the contributories of the company, be prima facie evidence of the truth of all matters purporting to be recorded therein.
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