Statement of affairs filing: Tribunal may order company to file objections and books, with penalties for non compliance. When a non company petitioner files for winding up and the Tribunal finds a prima facie case, the Tribunal may direct the company to file objections and a statement of its affairs within thirty days (with a possible further thirty day extension) and may require the petitioner to deposit security for costs. Failure to file forfeits the company's right to oppose and exposes responsible directors and officers to punishment. After a winding up order, directors and officers must submit completed, audited books to the liquidator within thirty days as directed. Offences may be prosecuted in the Special Court by authorised officials.
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.
Statement of affairs filing: Tribunal may order company to file objections and books, with penalties for non compliance.
When a non company petitioner files for winding up and the Tribunal finds a prima facie case, the Tribunal may direct the company to file objections and a statement of its affairs within thirty days (with a possible further thirty day extension) and may require the petitioner to deposit security for costs. Failure to file forfeits the company's right to oppose and exposes responsible directors and officers to punishment. After a winding up order, directors and officers must submit completed, audited books to the liquidator within thirty days as directed. Offences may be prosecuted in the Special Court by authorised officials.
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