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201 | Forms of, and Procedure in Relation to, Certain Applications | (1) Every application made to the Central Government under 1Section 196 shall be in such form as may be prescribed.
(2) (a) Before any application is made by a company to the Central Government under 2Section 196, there shall be issued by or on behalf of the company a general notice to the members thereof, indicating t... |
202 | Compensation for Loss of Office of Managing or Whole-time Director or Manager. | (1) A company may make payment to a managing or whole-time director or manager, but not to any other director, by way of compensation for loss of office, or as consideration for retirement from office or in connection with such loss or retirement.
(2) No payment shall be made under sub-section (1) in the following c... |
203 | Appointment of Key Managerial Personnel | (1) Every company belonging to such class or classes of companies as may be prescribed shall have the following whole-time key managerial personnel,—
(i) managing director, or Chief Executive Officer or manager and in their absence, a whole-time director;
(ii) company secretary; and
(iii) Chief Financial Officer :
Prov... |
204 | Secretarial Audit for Bigger Companies | (1) Every listed company and a company belonging to other class of companies as may be prescribed shall annex with its Board’s report made in terms of sub-section (3) of section 134, a secretarial audit report, given by a company secretary in practice, in such form as may be prescribed.
(2) It shall be the duty of the... |
205 | Functions of Company Secretary | (1) The functions of the company secretary shall include,—
(a) to report to the Board about compliance with the provisions of this Act, the rules made thereunder and other laws applicable to the company;
(b) to ensure that the company complies with the applicable secretarial standards;
(c) to discharge such other du... |
206 | Power to Call for Information, Inspect Books and Conduct Inquiries | (1) Where on a scrutiny of any document filed by a company or on any information received by him, the Registrar is of the opinion that any further information or explanation or any further documents relating to the company is necessary, he may by a written notice require the company—
(a) to furnish in writing such inf... |
207 | Conduct of Inspection and Inquiry | (1) Where a Registrar or inspector calls for the books of account and other books and papers under section 206, it shall be the duty of every director, officer or other employee of the company to produce all such documents to the Registrar or inspector and furnish him with such statements, information or explanations i... |
208 | Report on Inspection Made | The Registrar or inspector shall, after the inspection of the books of account or an inquiry under section 206 and other books and papers of the company under section 207, submit a report in writing to the Central Government along with such documents, if any, and such report may, if necessary, include a recommendation ... |
209 | Search and Seizure | (1) Where, upon information in his possession or otherwise, the Registrar or inspector has reasonable ground to believe that the books and papers of a company, or relating to the key managerial personnel or any director or auditor or company secretary in practice if the company has not appointed a company secretary, ar... |
210 | Investigation into Affairs of Company | (1) Where the Central Government is of the opinion, that it is necessary to investigate into the affairs of a company,—
(a) on the receipt of a report of the Registrar or inspector under section 208;
(b) on intimation of a special resolution passed by a company that the affairs of the company ought to be investigated; ... |
211 | Establishment of Serious Fraud Investigation Office | (1) The Central Government shall, by notification, establish an office to be called the Serious Fraud Investigation Office to investigate frauds relating to a company:
Provided that until the Serious Fraud Investigation Office is established under subsection (1), the Serious Fraud Investigation Office set-up by the Cen... |
212 | Investigation into Affairs of Company by Serious Fraud Investigation Office | (1) Without prejudice to the provisions of section 210, where the Central Government is of the opinion, that it is necessary to investigate into the affairs of a company by the Serious Fraud Investigation Office—
(a) on receipt of a report of the Registrar or inspector under section 208;
(b) on intimation of a special ... |
213 | Investigation into Company’s Affairs in Other Cases | The Tribunal may,—
(a) on an application made by—
(i) not less than one hundred members or members holding not less than one-tenth of the total voting power, in the case of a company having a share capital; or
(ii) not less than one-fifth of the persons on the company’s register of members, in the case of a company hav... |
214 | Security for Payment of Costs and Expenses of Investigation | Where an investigation is ordered by the Central Government in pursuance of clause (b) of sub-section (1) of section 210, or in pursuance of an order made by the Tribunal under section 213, the Central Government may before appointing an inspector under subsection (3) of section 210 or clause (b) of section 213, requir... |
215 | Firm, Body Corporate or Association Not to be Appointed as Inspector | No firm, body corporate or other association shall be appointed as an inspector |
216 | Investigation of Ownership of Company | (1) Where it appears to the Central Government that there is a reason so to do, it may appoint one or more inspectors to investigate and report on matters relating to the company, and its membership for the purpose of determining the true persons—
(a) who are or have been financially interested in the success or fai... |
217 | Procedure, Powers, etc., of Inspectors | (1) It shall be the duty of all officers and other employees and agents including the former officers, employees and agents of a company which is under investigation in accordance with the provisions contained in this Chapter, and where the affairs of any other body corporate or a person are investigated under section ... |
218 | Protection of Employees During Investigation | (1) Notwithstanding anything contained in any other law for the time being in force, if—
(a) during the course of any investigation of the affairs and other matters of or relating to a company, other body corporate or person under section 210, section 212, section 213 or section 219 or of the membership and other matt... |
219 | Power of Inspector to Conduct Investigation into Affairs of Related Companies, etc. | If an inspector appointed under section 210 or section 212 or section 213 to investigate into the affairs of a company considers it necessary for the purposes of the investigation, to investigate also the affairs of—
(a) any other body corporate which is, or has at any relevant time been the company’s subsidiary compa... |
220 | Seizure of Documents by Inspector. | (1) Where in the course of an investigation under this Chapter, the inspector has reasonable grounds to believe that the books and papers of, or relating to, any company or other body corporate or managing director or manager of such company are likely to be destroyed, mutilated, altered, falsified or secreted, the ins... |
221 | Freezing of Assets of Company on Inquiry and Investigation | (1) Where it appears to the Tribunal, on a reference made to it by the Central Government or in connection with any inquiry or investigation into the affairs of a company under this Chapter or on any complaint made by such number of members as specified under sub-section (1) of section 244 or a creditor having one lakh... |
222 | Imposition of restrictions upon Securities | (1) Where it appears to the Tribunal, in connection with any investigation under section 216 or on a complaint made by any person in this behalf, that there is good reason to find out the relevant facts about any securities issued or to be issued by a company and the Tribunal is of the opinion that such facts cannot be... |
223 | Inspector’s Report | (1) An inspector appointed under this Chapter may, and if so directed by the Central Government shall, submit interim reports to that Government, and on the conclusion of the investigation, shall submit a final report to the Central Government.
(2) Every report made under sub-section (1)shall be in writing or printed a... |
224 | Actions to be Taken in Pursuance of Inspector’s Report. | (1)If, from an inspector’s report, made under section 223, it appears to the Central Government that any person has, in relation to the company or in relation to any other body corporate or other person whose affairs have been investigated under this Chapter been guilty of any offence for which he is criminally liable,... |
225 | Expenses of Investigation | (1)The expenses of, and incidental to, an investigation by an inspector appointed by the Central Government under this Chapter other than expenses of inspection under section 214 shall be defrayed in the first instance by the Central Government, but shall be reimbursed by the following persons to the extent mentioned b... |
226 | Voluntary Winding up of Company, etc., Not to Stop Investigation Proceedings. | An investigation under this Chapter may be initiated notwithstanding, and no such investigation shall be stopped or suspended by reason only of, the fact that—
(a) an application has been made under section 241;
(b) the company has passed a special resolution for voluntary winding up; or
(c) any other proceeding for th... |
227 | Legal Advisers and Bankers Not to Disclose Certain Information. | Nothing in this Chapter shall require the disclosure to the Tribunal or to the Central Government or to the Registrar or to an inspector appointed by the Central Government—
(a) by a legal adviser, of any privileged communication made to him in that capacity, except as respects the name and address of his client; or
(b... |
228 | Investigation, etc., of Foreign Companies | The provisions of this Chapter shall apply mutatis mutandis to inspection, inquiry or investigation in relation to foreign companies. |
229 | Penalty for Furnishing False Statement, Mutilation, Destruction of Documents | Where a person who is required to provide an explanation or make a statement during the course of inspection, inquiry or investigation, or an officer or other employee of a company or other body corporate which is also under investigation,—
(a) destroys, mutilates or falsifies, or conceals or tampers or unauthorisedly... |
230 | Power to Compromise or Make Arrangements with Creditors and Members. | (1) Where a compromise or arrangement is proposed—
(a) between a company and its creditors or any class of them; or
(b) between a company and its members or any class of them,
the Tribunal may, on the application of the company or of any creditor or member of the company, or in the case of a company which is being wou... |
231 | Power of Tribunal to Enforce Compromise or Arrangement. | (1) Where the Tribunal makes an order under section 230 sanctioning a compromise or an arrangement in respect of a company, it—
(a) shall have power to supervise the implementation of the compromise or arrangement; and
(b) may, at the time of making such order or at any time thereafter, give such directions in regard t... |
232 | Merger and Amalgamation of Companies | (1) Where an application is made to the Tribunal under section 230 for the sanctioning of a compromise or an arrangement proposed between a company and any such persons as are mentioned in that section, and it is shown to the Tribunal—
(a) that the compromise or arrangement has been proposed for the purposes of, or in ... |
233 | Merger or Amalgamation of Certain Companies | (1) Notwithstanding the provisions of section 230 and section 232, a scheme of merger or amalgamation may be entered into between two or more small companies or between a holding company and its wholly-owned subsidiary company or such other class or classes of companies as may be prescribed, subject to the following, n... |
234 | Merger or Amalgamation of Company with Foreign Company | (1) The provisions of this Chapter unless otherwise provided under any other law for the time being in force, shall apply mutatis mutandis to schemes of mergers and amalgamations between companies registered under this Act and companies incorporated in the jurisdictions of such countries as may be notified from time to... |
235 | Power to Acquire Shares of Shareholders Dissenting from Scheme or Contract Approved by Majority | (1) Where a scheme or contract involving the transfer of shares or any class of shares in a company (the transferor company) to another company (the transferee company) has, within four months after making of an offer in that behalf by the transferee company, been approved by the holders of not less than nine-tenths in... |
236 | Purchase of Minority Shareholding | (1) In the event of an acquirer, or a person acting in concert with such acquirer, becoming registered holder of ninety per cent. or more of the issued equity share capital of a company, or in the event of any person or group of persons becoming ninety per cent. majority or holding ninety per cent. of the issued equity... |
237 | Power of Central Government to Provide for Amalgamation of Companies in Public Interest | (1) Where the Central Government is satisfied that it is essential in the public interest that two or more companies should amalgamate, the Central Government may, by order notified in the Official Gazette, provide for the amalgamation of those companies into a single company with such constitution, with such property,... |
238 | Registration of Offer of Schemes Involving Transfer of Shares | (1) In relation to every offer of a scheme or contract involving the transfer of shares or any class of shares in the transferor company to the transferee company under section 235,—
(a) every circular containing such offer and recommendation to the members of the transferor company by its directors to accept such offe... |
239 | Preservation of Books and Papers of Amalgamated Companies | The books and papers of a company which has been amalgamated with, or whose shares have been acquired by, another company under this Chapter shall not be disposed of without the prior permission of the Central Government and before granting such permission, that Government may appoint a person to examine the books and ... |
240 | Liability of Officers in Respect of Offences Committed Prior to Merger, Amalgamation, etc. | Notwithstanding anything in any other law for the time being in force, the liability in respect of offences committed under this Act by the officers in default, of the transferor company prior to its merger, amalgamation or acquisition shall continue after such merger, amalgamation or acquisition. |
241 | Application to Tribunal for Relief in Cases of Oppression, etc | (1) Any member of a company who complains that—
(a) the affairs of the company have been or are being conducted in a manner prejudicial to public interest or in a manner prejudicial or oppressive to him or any other member or members or in a manner prejudicial to the interests of the company; or
(b) the material change... |
242 | Powers of Tribunal | (1)If, on any application made under section 241, the Tribunal is of the opinion—
(a) that the company’s affairs have been or are being conducted in a manner prejudicial or oppressive to any member or members or prejudicial to public interest or in a manner prejudicial to the interests of the company; and
*(b) that to ... |
243 | Consequence of Termination or Modification of Certain Agreements | (1)Where an order made under section 242 terminates, sets aside or modifies an agreement such as is referred to in sub-section (2) of that section,—
(a)such order shall not give rise to any claims whatever against the company by any person for damages or for compensation for loss of office or in any other respect eithe... |
244 | Right to Apply Under Section 241 | (1) The following members of a company shall have the right to apply under section 241, namely:—
(a) in the case of a company having a share capital, not less than one hundred members of the company or not less than one-tenth of the total number of its members, whichever is less, or any member or members holding not le... |
245 | Class Action | (1) Such number of member or members, depositor or depositors or any class of them, as the case may be, as are indicated in sub-section (2) may, if they are of the opinion that the management or conduct of the affairs of the company are being conducted in a manner prejudicial to the interests of the company or its memb... |
246 | Application of Certain Provisions to Proceedings Under Section 241 or Section 245. | The provisions of sections 337, 338, 339, 340 and 341 (both inclusive) shall apply mutatis mutandis, in relation to an application made to the Tribunal under section 241 or section 245. |
247 | Valuation by Registered Valuers | (1) Where a valuation is required to be made in respect of any property, stocks, shares, debentures, securities or goodwill or any other assets (herein referred to as the assets) or net worth of a company or its liabilities under the provision of this Act, it shall be valued by 1[a person having such qualifications and... |
248 | Power of Registrar to Remove Name of Company from Registerof Companies. | (1) Where the Registrar has reasonable cause to believe that—
(a) a company has failed to commence its business within one year of its incorporation 1[or];
(b) 2[Omitted].
(c) a company is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any applicatio... |
249 | Restrictions on Making Application Under Section 248 in Certain Situations. | (1) An application under sub-section (2) of section 248 on behalf of a company shall not be made if, at any time in the previous three months, the company—
(a)has changed its name or shifted its registered office from one State to another;
(b) has made a disposal for value of property or rights held by it, immediately... |
250 | Effect of Company Notified as Dissolved | Where a company stands dissolved under section 248, it shall on and from the date mentioned in the notice under sub-section (5) of that section cease to operate as a company and the Certificate of Incorporation issued to it shall be deemed to have been cancelled from such date except for the purpose of realising the am... |
251 | Fraudulent Application for Removal of Name | (1) Where it is found that an application by a company under sub-section (2) of section 248 has been made with the object of evading the liabilities of the company or with the intention to deceive the creditors or to defraud any other persons, the persons in charge of the management of the company shall, notwithstandin... |
252 | Appeal to Tribunal | (1) Any person aggrieved by an order of the Registrar, notifying a company as dissolved under section 248, may file an appeal to the Tribunal within a period of three years from the date of the order of the Registrar and if the Tribunal is of the opinion that the removal of the name of the company from the register of ... |
Sections 253 - 269 Omitted by Insolvency and Bankruptcy Code, 2016 dated 15th November 2016 | null | null |
270 | Modes of Winding Up | The provisions of Part I shall apply to the winding up of a company by the Tribunal under this Act. |
271 | Circumstances in Which Company May be Wound Up by Tribunal | A company may, on a petition under section 272, be wound up by the Tribunal,—
(a) if the company has, by special resolution, resolved that the company be wound up by the Tribunal;
(b) if the company has acted against the interests of the sovereignty and integrity of India, the security of the State, friendly relation... |
272 | Petition for Winding Up | (1) Subject to the provisions of this section, a petition to the Tribunal for the winding up of a company shall be presented by—
(a) the company;
(b) any contributory or contributories;
(c) all or any of the persons specified in clauses (a) and (b);
(d) the Registrar;
(e) any person authorised by the Central Gover... |
273 | Powers of Tribunal | (1) The Tribunal may, on receipt of a petition for winding up under section 272 pass any of the following orders, namely:—
(a) dismiss it, with or without costs;
(b)make any interim order as it thinks fit;
(c) appoint a provisional liquidator of the company till the making of a winding up order;
(d) make an order for t... |
274 | Directions for Filing Statement of Affairs | (1) Where a petition for winding up is filed before the Tribunal by any person other than the company, the Tribunal shall, if satisfied that a prima facie case for winding up of the company is made out, by an order direct the company to file its objections along with a statement of its affairs within thirty days of the... |
275 | Company Liquidators and Their Appointments | (1) For the purposes of winding up of a company by the Tribunal, the Tribunal at the time of the passing of the order of winding up, shall appoint an Official Liquidator or a liquidator from the panel maintained under sub-section (2) as the Company Liquidator.
1["(2) The provisional liquidator or the Company Liquidato... |
276 | Removal and Replacement of Liquidator | (1) The Tribunal may, on a reasonable cause being shown and for reasons to be recorded in writing, remove the provisional liquidator or the Company Liquidator, as the case may be, as liquidator of the company on any of the following grounds, namely:—
(a) misconduct;
(b)fraud or misfeasance;
(c) professional incompetenc... |
277 | Intimation to Company Liquidator, Provisional Liquidator and Registrar. | (1)Where the Tribunal makes an order for appointment of provisional liquidator or for the winding up of a company, it shall, within a period not exceeding seven days from the date of passing of the order, cause intimation thereof to be sent to the Company Liquidator or provisional liquidator, as the case may be, and th... |
278 | Effect of Winding Up Order | The order for the winding up of a company shall operate in favour of all the creditors and all contributories of the company as if it had been made out on the joint petition of creditors and contributories |
279 | Stay of Suits, etc., on Winding up Order | (1) When a winding up order has been passed or a provisional liquidator has been appointed, no suit or other legal proceeding shall be commenced, or if pending at the date of the winding up order, shall be proceeded with, by or against the company, except with the leave of the Tribunal and subject to such terms as the ... |
280 | Jurisdiction of Tribunal | The Tribunal shall, notwithstanding anything contained in any other law for the time being in force, have jurisdiction to entertain, or dispose of,—
(a) any suit or proceeding by or against the company;
(b) any claim made by or against the company, including claims by or against any of its branches in India;
... |
281 | Submission of Report by Company Liquidator. | (1) Where the Tribunal has made a winding up order or appointed a Company Liquidator, such liquidator shall, within sixty days from the order, submit to the Tribunal, a report containing the following particulars, namely:—
(a) the nature and details of the assets of the company including their location and value, stat... |
282 | Directions of Tribunal on Report of Company Liquidator. | (1)The Tribunal shall, on consideration of the report of the Company Liquidator, fix a time limit within which the entire proceedings shall be completed and the company be dissolved:
Provided that the Tribunal may, if it is of the opinion, at any stage of the proceedings, or on examination of the reports submitted to ... |
283 | Custody of Company's Properties | (1) Where a winding up order has been made or where a provisional liquidator has been appointed, the Company Liquidator or the provisional liquidator, as the case may be, shall, on the order of the Tribunal, forthwith take into his or its custody or control all the property, effects and actionable claims to which the c... |
284 | Promoters, Directors, etc., to Cooperate with Company Liquidator | (1) The promoters, directors, officers and employees, who are or have been in employment of the company or acting or associated with the company shall extend full cooperation to the Company Liquidator in discharge of his functions and duties.
1[(2) If any person required to assist or cooperate with the Company Liquida... |
285 | Settlement of List of Contributories and Application of Assets | (1)As soon as may be after the passing of a winding up order by the Tribunal, the Tribunal shall settle a list of contributories, cause rectification of register of members in all cases where rectification is required in pursuance of this Act and shall cause the assets of the company to be applied for the discharge of ... |
286 | Obligations of Directors and Managers | In the case of a limited company, any person who is or has been a director or manager, whose liability is unlimited under the provisions of this Act, shall, in addition to his liability, if any, to contribute as an ordinary member, be liable to make a further contribution as if he were at the commencement of winding up... |
287 | Advisory Committee | (1) The Tribunal may, while passing an order of winding up of a company, direct that there shall be, an advisory committee to advise the Company Liquidator and to report to the Tribunal on such matters as the Tribunal may direct.
(2) The advisory committee appointed by the Tribunal shall consist of not more than twelv... |
288 | Submission of Periodical Reports to Tribunal. | (1)The Company Liquidator shall make periodical reports to the Tribunal and in any case make a report at the end of each quarter with respect to the progress of the winding up of the company in such form and manner as may be prescribed.
(2)The Tribunal may, on an application by the Company Liquidator, review the order... |
290 | Powers and Duties of Company Liquidator | (1) Subject to directions by the Tribunal, if any, in this regard, the Company Liquidator, in a winding up of a company by the Tribunal, shall have the power—
(a) to carry on the business of the company so far as may be necessary for the beneficial winding up of the company;
(b) to do all acts and to execute, in the na... |
291 | Provision for Professional Assistance to Company Liquidator. | (1)The Company Liquidator may, with the sanction of the Tribunal, appoint one or more chartered accountants or company secretaries or cost accountants or legal practitioners or such other professionals on such terms and conditions, as may be necessary, to assist him in the performance of his duties and functions under ... |
292 | Exercise and Control of Company Liquidator's Powers | (1) Subject to the provisions of this Act, the Company Liquidator shall, in the administration of the assets of the company and the distribution thereof among its creditors, have regard to any directions which may be given by the resolution of the creditors or contributories at any general meeting or by the advisory co... |
293 | Books to be Kept by Company Liquidator | (1)The Company Liquidator shall keep proper books in such manner, as may be prescribed, in which he shall cause entries or minutes to be made of proceedings at meetings and of such other matters as may be prescribed.
(2) Any creditor or contributory may, subject to the control of the Tribunal, inspect any such books, ... |
294 | Audit of Company Liquidator's Accounts | (1)The Company Liquidator shall maintain proper and regular books of account including accounts of receipts and payments made by him in such form and manner as may be prescribed.
(2)The Company Liquidator shall, at such times as may be prescribed but not less than twice in each year during his tenure of office, presen... |
295 | Payment of Debts by Contributory and Extent of Set-off | (1) The Tribunal may, at any time after passing of a winding up order, pass an order requiring any contributory for the time being on the list of contributories to pay, in the manner directed by the order, any money due to the company, from him or from the estate of the person whom he represents, exclusive of any money... |
296 | Power of Tribunal to Make Calls | The Tribunal may, at any time after the passing of a winding up order, and either before or after it has ascertained the sufficiency of the assets of the company,—
(a) make calls on all or any of the contributories for the time being on the list of the contributories, to the extent of their liability, for payment of an... |
297 | Adjustment of Rights of Contributories | The Tribunal shall adjust the rights of the contributories among themselves and distribute any surplus among the persons entitled thereto |
298 | Power to Order Costs | The Tribunal may, in the event of the assets of a company being insufficient to satisfy its liabilities, make an order for the payment out of the assets, of the costs, charges and expenses incurred in the winding up, in such order of priority inter se as the Tribunal thinks just and proper. |
299 | Power to Summon Persons Suspected of Having Property of Company, etc. | (1)The Tribunal may, at any time after the appointment of a provisional liquidator or the passing of a winding up order, summon before it any officer of the company or person known or suspected to have in his possession any property or books or papers, of the company, or known or suspected to be indebted to the company... |
300 | Power to Order Examination of Promoters, Directors, etc. | (1) Where an order has been made for the winding up of a company by the Tribunal, and the Company Liquidator has made a report to the Tribunal under this Act, stating that in his opinion a fraud has been committed by any person in the promotion, formation, business or conduct of affairs of the company since its formati... |
301 | Arrest of Person Trying to Leave India or Abscond. | At any time either before or after passing a winding up order, if the Tribunal is satisfied that a contributory or a person having property, accounts or papers of the company in his possession is about to leave India or otherwise to abscond, or is about to remove or conceal any of his property, for the purpose of evadi... |
302 | Dissolution of Company by Tribunal | (1) When the affairs of a company have been completely wound up, the Company Liquidator shall make an application to the Tribunal for dissolution of such company.
(2) The Tribunal shall on an application filed by the Company Liquidator under sub-section (1) or when the Tribunal is of the opinion that it is just and ... |
303 | Appeals from Orders Made Before Commencement of Act. | Nothing in this Chapter shall affect the operation or enforcement of any order made by any Court in any proceedings for the winding up of a company immediately before the commencement of this Act and an appeal against such order shall be filed before such authority competent to hear such appeals before such commencemen... |
Sections 304-323 deals with Voluntary Liquidation - Omitted by Insolvency and Bankruptcy Code, 2016 | null | null |
324 | Debts of all Descriptions to be Admitted to Proof. | 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, shal... |
326 | Overriding Preferential Payments. | (1) In the winding up of a company under this Act, the following debts shall be paid in priority to all other debts:—
(a) workmen's dues; and
(b) where a secured creditor has realised a secured asset, so much of the debts due to such secured creditor as could not be realised by him or the amount of the workmen's po... |
327 | Preferential Payments | (1) In a winding up, subject to the provisions of section 326, there shall be paid in priority to all other debts,—
(a) all revenues, taxes, cesses and rates due from the company to the Central Government or a State Government or to a local authority at the relevant date, and having become due and payable within the tw... |
328 | Fraudulent Preference | (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... |
329 | Transfers Not in Good Faith to be Void | 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 encumbrancer in good faith and for valuable consideration, if made within a period of one year before the presentation ... |
330 | Certain Transfers to be Void | 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. |
331 | Liabilities and Rights of Certain Persons Fraudulently Preferred. | (1)Where a company is being wound up and anything made, taken or done after the commencement of this Act is invalid under section 328 as a fraudulent preference of a person interested in property mortgaged or charged to secure the company’s debt, then, without prejudice to any rights or liabilities arising, apart from ... |
332 | Effect of Floating Charge. | Where a company is being wound up, a floating charge on the undertaking or property of the company created within the twelve months immediately preceding the commencement of the winding up, shall, unless it is proved that the company immediately after the creation of the charge was solvent, be invalid, except for the a... |
333 | Disclaimer of Onerous Property | (1) Where any part of the property of a company which is being wound up consists of—
(a) land of any tenure, burdened with onerous covenants;
(b)shares or stocks in companies;
(c) any other property which is not saleable or is not readily saleable by reason of the possessor thereof being bound either to the performance... |
334 | Transfers, etc., After Commencement of Winding Up to be Void. | 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. |
335 | Certain Attachments, Executions, etc., in Winding Up by Tribunal to be Void. | (1) Where any company is being wound up by the Tribunal,—
(a) any attachment, distress or execution put in force, without leave of the Tribunal against the estate or effects of the company, after the commencement of the winding up; or
(b) any sale held, without leave of the Tribunal of any of the properties or effects ... |
336 | Offences by Officers of Companies in Liquidation. | (1) If any person, who is or has been an officer of a company which, at the time of the commission of the alleged offence, is being wound up, 1["by the Tribunal under this Act or which is subsequently ordered to be wound up by the Tribunal under this Act"],—
(a) does not, to the best of his knowledge and belief, fully... |
337 | Penalty for Frauds by Officers. | 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 1["under this Act"],—
(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 cr... |
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