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of <h1>Section 454: Submit Company Affairs Statement in Liquidation to Avoid Penalties; False Claims Punishable</h1> Section 454 of the Companies Act, 1956 mandates that when a winding-up order is made or an Official Liquidator is appointed, a statement of the company's affairs must be submitted to the Official Liquidator. This statement, verified by affidavit, should detail the company's assets, debts, creditors, and other relevant information. It must be submitted within 21 days, extendable to three months. Those responsible for preparing the statement can claim reasonable expenses. Non-compliance can lead to imprisonment or fines. Creditors or contributors can inspect the statement for a fee, while false claims of creditor status are punishable offenses.
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