Company liquidators must deposit receipts in scheduled bank accounts and face penalties for unauthorised retention. Company liquidators must deposit monies received in their capacity into a special bank account at a scheduled bank, unless the Tribunal permits another ... Summary
Company liquidators must deposit receipts in scheduled bank accounts and face penalties for unauthorised retention.
Company liquidators must deposit monies received in their capacity into a special bank account at a scheduled bank, unless the Tribunal permits another bank. If a liquidator retains for more than ten days any sum exceeding five thousand rupees (or a Tribunal-authorised amount), absent a satisfactory explanation he must pay interest at twelve percent per annum on the excess, any Tribunal-determined penalty, expenses caused by the default, and may suffer disallowance of remuneration or removal from office.
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