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of <h1>Clause 361: Streamlined Liquidation for Companies with Limited Assets; Official Liquidator Appointed to Investigate Possible Fraud.</h1> Clause 361 of the Companies Bill, 2011 outlines a summary procedure for liquidating companies with assets not exceeding one crore rupees and belonging to prescribed classes. The Central Government can order such companies to be wound up by appointing an Official Liquidator, who must take control of the company's assets and submit a report within 30 days. This report should indicate whether any fraud was involved in the company's operations. If fraud is suspected, the Central Government may initiate further investigation. Based on the findings, the government may decide to continue the winding-up process under the relevant provisions.
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