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<h1>Clause 348: Company Liquidator Must File Annual Audited Statement for Winding Up Exceeding One Year, Penalties for Non-Compliance.</h1> Clause 348 of the Companies Bill, 2011 mandates that if a company's winding up exceeds one year, the Company Liquidator must file an audited statement of the liquidation proceedings annually with the Tribunal or Registrar, depending on the winding up type. This statement must also be shared with relevant government bodies if it involves a government company. Creditors or contributors can inspect and obtain copies of this statement. Fraudulent claims of creditor or contributor status are punishable offenses. Non-compliance by the Liquidator can result in fines or imprisonment for defaulting on audit requirements.