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OF INDIA
AHMEDABAD CHAPTER
[Section 425 ]
A Company may be wound up :
voluntarily by the concerned
company distinguished as
members’ voluntary winding up
and creditors’ voluntary winding
up. ( Section 488)
by the Tribunal under any of the
circumstances as prescribed.
( section 433)
VOLUNTARY WINDING UP – RESOLUTION
[ Section 496 ]
Where a members’ voluntary winding up is
continuing for more than a year, the liquidator
shall call a general meeting of the company
at the end of the first year from the
commencement of winding – up, namely
when the resolution for voluntary winding –
up is passed and at the end of each
succeeding year, latest within three months
of conclusion of the year. The liquidator will
lay before the meeting the progress of the
matters of winding up in the preceding year and
also a statement in the prescribed form in respect
of the position of liquidation. If the annual
meeting cannot be held within three months of
the end of the year, the Central Government has
got power to grant extension. This power has
been delegated to the Regional Director.
STATEMENT OF AFFAIRS AT THE TIME
OF WINDING UP
[ Section 515 ]
[Section 519 ]
This section has been entirely changed.
During the course of winding up if the
Liquidator is of opinion that a fraud had
been committed by any person in the
promotion or formation of the company or
by an officer in relation to the company
since its formation, the Liquidator may
make a report to the Tribunal. The
Tribunal after considering the report may
order that the person concerned shall be
publicly examined. In this connection, the
following provisions of sub sections (2) to
(11) of section 478 will also apply :
The Liquidator shall take part in the
examination and employ legal assistance
as may be sanctioned by the Tribunal.
Any creditor or contributory may take
part in the examination either personally
or by Chartered Accountants or Company
Secretaries or Cost Accountants or legal
practitioners entitled to appear before
the Tribunal under section 10 GD.
The Tribunal may put such questions to
the person as it thinks fit and the person
shall answer all questions on oath.
The person being examined shall be
furnished, at his cost, copy of the
Liquidator’s report and he is free to
employ any of the person listed in
clause (b) above to assist him.
[ Section 531 ]
The following acts of a company
within six months before the
presentation of winding up petition
or the passing of a resolution in the
case of voluntary winding up be
deemed to be fraudulent preference
of its creditors and they will be
invalid
Transfer of property, movable
or immovable
Delivery of goods.