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of <h1>Section 509: Liquidator's Duties in Company Dissolution-Account Preparation, Meetings, and Reporting to Registrar. Non-compliance Leads to Fines.</h1> Section 509 of the Companies Act, 1956 outlines the procedure for the final meeting and dissolution of a company. Once the company is fully wound up, the liquidator must prepare an account of the winding-up process and call general and creditors' meetings to present this account. These meetings must be advertised at least one month in advance. Post-meeting, the liquidator must submit the account and meeting returns to the Registrar and Official Liquidator. Failure to comply results in fines. The Official Liquidator reviews the company's affairs and reports to the Tribunal, which then decides on the company's dissolution or further investigation.
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