Tag Archives: Companies Bill 2012

POWER AND DUTIES OF COMPANY LIQUIDATORS AND THEIR BOOKS


In recent post we have discussed Winding up by Tribunal, Company Liquidators and winding up order, Report of Liquidators, Directions, other procedures and dissolution of company. We continue provisions related to winding up of a company by Tribunal in this post.

POWER AND DUTIES OF COMPANY LIQUIDATORS (SECTION 290):

The Company Liquidator, in a winding up of a company by the Tribunal, shall have the power—

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WINDING UP BY THE TRIBUNAL – 3


In recent post we have discussed Winding up by Tribunal, Company Liquidators and winding up order, Report of Liquidators, Directions and other procedures. We continue provisions related to winding up of a company by Tribunal in this post.

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WINDING UP BY THE TRIBUNAL – 2


In recent post we have discussed Winding up by Tribunal, Company liquidator and winding up order. We continue provisions related to winding up of a company by Tribunal in this post.

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COMPANY LIQUIDATOR and WINDING UP ORDER


In last post we discussed some provisions related to winding up by the Tribunal. In this post we will focus on Company liquidator. We will continue to discuss about winding in some future posts.

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WINDING UP BY TRIBUNAL


Proper winding up of a company is certainly more important than its incorporation. The ghost of a company should not haunt after attaining or discarding objects of the company.

MODES OF WINDING – UP (SECTION 270):

The winding up of a company may be either –

  1. by the Tribunal; or
  2. Voluntary.

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MCA Clarification on Section 185 (14 Feb 2014)


Ministry of corporate Affairs has issued a General Circular on 14th February 2014. My readers can download this Circular from MCA site link here.

We have already discussed Section 185 in one of the earlier post here.

The Section under discussion basically says, No company shall, directly or indirectly, advance any loan, including any loan represented by a book debt, to any of its directors or to any other person in whom the director is interested or give any guarantee or provide any security in connection with any loan taken by him or such other person.

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WINDING UP OF UNREGISTERED COMPANIES


Part – II of the Chapter XXI deals with winding up of unregistered companies.

UNREGISTERED COMPANY (EXPLANATION TO SECTION 375):

“unregistered company”—

(a)  shall not include— (i) a railway company incorporated under any Act of Parliament or other Indian law or any Act of Parliament of the United Kingdom; (ii) a company registered under this Act; or (iii) a company registered under any previous companies law and not being a company the registered office whereof was in Burma, Aden, Pakistan immediately before the separation of that country from India; and

(b) save as aforesaid, shall include any partnership firm, limited liability partnership or society or co-operative society, association or company consisting of more than seven members at the time when the petition for winding up the partnership firm, limited liability partnership or society or co-operative society, association or company, as the case may be, is presented before the Tribunal.
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