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of <h1>Companies Bill 2011 Clause 274: Submit objections and statement of affairs within 30 days or face penalties.</h1> Clause 274 of the Companies Bill, 2011, outlines the procedure for filing a statement of affairs when a winding-up petition is filed against a company. If a prima facie case is established, the Tribunal orders the company to submit its objections and a statement of affairs within 30 days, extendable by another 30 days under special circumstances. Failure to comply results in the forfeiture of the right to oppose the petition and potential penalties for responsible directors and officers. Non-compliance can lead to imprisonment or fines. Complaints regarding violations can be filed with the Special Court by designated authorities.
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