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Section 348 Of Companies Act: Information As To Pending Liquidations

Updated: Oct 13, 2022

Provisions of Section 348 of the Companies Act

If a company's winding up is not completed within one year of its start date, the liquidator must file a statement in the prescribed form and containing the prescribed particulars within two months of the end of that year, unless he is exempted from doing so wholly or in part by the Central Government, and thereafter until the winding up is completed, at intervals of not more than one year or at such shorter intervals, if any, as may be prescribed, in the prescribed form and containing

(a) in the event of a winding up by or under the supervision of the Court; and (b) in the case of a winding up by or under the supervision of the Court.

(b) with the Registrar in the case of a voluntary winding up:

Provided, however, that if the requirements of section 462 apply, no such audit as described in this subsection is required.

2) When the statement is filed in court under clause (a) of sub-section (1), a copy must also be filed with the Registrar, who will keep it alongside the company's other records.

(2A) The liquidator shall provide a copy of the statement referred to in subsection (2) if it pertains to a Government firm in liquidation.

(a) to the Central Government, if the Central Government is a member of the Government company; or (b) to the State Government, if the State Government is a member of the Government company.

(b) to any State Government that is a shareholder in the Government Company; or

(c) to the Central Government and any State Government that are both members of the Government corporation.

(3) Any person who declares himself or his representative to be a creditor or contributory of the company in writing is entitled to see the statement and get a copy or an extract thereof at any reasonable time upon payment of the required charge.

(4) Any person who falsely claims to be a creditor or contributing for the purposes of the aforesaid will be regarded guilty of an offence under section 182 of the Indian Penal Code (45 of 1860), and shall be punished accordingly on the liquidator's application.

(5) If a liquidator fails to comply with any of the provisions of this section, he is subject to a fine of up to five thousand rupees for each day that the failure continues:

Provided, however, that if the liquidation wilfully fails to have the statement sub-regulation (1) audited by a person authorised to function as the company's auditor, the liquidator shall be imprisoned for a term up to six months, or a fine of ten thousand rupees, or both.

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