Duty of liquidator to convene annual meetings and present prescribed liquidation accounts, with noncompliance attracting penalties. Section 496 requires the liquidator, where winding up continues beyond one year, to call a general meeting at the end of the first and each succeeding year within a prescribed period or any extension allowed by the Central Government, and to lay before that meeting an account of his acts and dealings and a prescribed statement of the proceedings and position of the liquidation; failure to comply attracts a statutory fine and certain administrative powers have been delegated to Regional Directors.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Duty of liquidator to convene annual meetings and present prescribed liquidation accounts, with noncompliance attracting penalties.
Section 496 requires the liquidator, where winding up continues beyond one year, to call a general meeting at the end of the first and each succeeding year within a prescribed period or any extension allowed by the Central Government, and to lay before that meeting an account of his acts and dealings and a prescribed statement of the proceedings and position of the liquidation; failure to comply attracts a statutory fine and certain administrative powers have been delegated to Regional Directors.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
