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of <h1>Liquidators must hold annual meetings for extended company wind-ups, per Section 496, with fines for non-compliance.</h1> Section 496 of the Companies Act, 1956 mandates that if a company's winding up extends beyond one year, the liquidator must convene a general meeting at the end of each year. During this meeting, the liquidator is required to present an account of their actions and the progress of the winding up, along with a prescribed statement detailing the liquidation's proceedings and status. Failure to comply with this requirement results in a fine of up to one thousand rupees for each instance of non-compliance.
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