Liquidators Must Publish Appointment Notice in Official Gazette Within 30 Days Under Section 516 or Face Daily Fines
Under Section 516 of the Companies Act, 1956, a liquidator must publish a notice of their appointment in the Official Gazette and submit it to the Registrar for registration within thirty days. Failure to comply results in a fine of up to five hundred rupees for each day the default continues. This requirement was amended from an earlier twenty-one-day period and a fifty-rupee fine by subsequent amendments in 1965 and 2000, respectively.
Full Summary is availble for active users!
Note: It is a system-generated summary and is for quick
reference only.