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of <h1>Voluntary Liquidators Must Deposit Funds in Scheduled Bank; Excess Retention Without Approval Leads to Penalties Under Section 553.</h1> Section 553 of the Companies Act, 1956 mandates that voluntary liquidators, excluding Official Liquidators, must deposit received funds into a Scheduled Bank under a special account. The Tribunal can authorize using another bank if it benefits creditors or contributories. Liquidators retaining over five hundred rupees for more than ten days without Tribunal approval must pay 12% interest on the excess, a penalty, and may face expenses, reduced remuneration, or removal from office by the Tribunal.
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