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  • Writer's pictureMERWIN RICHARD

Directions for filing statement of affairs.

Updated: Oct 2, 2022

#companiesact2013, #section274, #directions, #statement, #windingup, #rules, #sections, #business , #law

This article talks about the directions for filing the statement of affairs which is laid down under section 274 of the companies act 2013.

In section 274 if the tribunal has prima facie reason to pass an order for winding up of a company then it can do so and further the objection can be raised within 30 days of the order. The directors have to submit the books of accounts to the liquidator within 30 days of the order passed. The director is liable for the fine if he fails to do so under this section.

An organization, which neglects to record the statement of affairs as alluded to in sub-segment (1), will relinquish the option to go against the request, and such directors and officials of the organization as tracked down answerable for such resistance, will be responsible for discipline under sub-section (4). The directors and different officials of the organization, regarding which a request for winding up is passed by the Tribunal under proviso (d) of sub-segment (1) of area 273, will, within a time of thirty days of such request, submit, at the expense of the organization, the books of record of the organization finished and reviewed up to the date of the request, to such vendor and in the way indicated by the Tribunal. If any officer of the organization negates the arrangements of this part, the director or the official of the organization who is in default will be culpable with detainment for a term which might reach out to a half year or with a fine which will not be under 25 thousand rupees yet which might stretch out to five lakh rupees, or with both. The objection might be recorded for this sake under the watchful eye of the Special Court by the Registrar provisional liquidator, Company Liquidator, or any person approved by the Tribunal.

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