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of <h1>Duties of Company Liquidator u/s 314 Companies Act 2013 in voluntary winding up and penalties explained</h1> Section 314 of the Companies Act, 2013 (now omitted) previously prescribed the powers and duties of a Company Liquidator in a voluntary winding up. The liquidator was required to act as directed by the company or its creditors, settle the list of contributories, convene general meetings to obtain necessary resolutions, maintain prescribed books of account open to inspection, and file audited quarterly statements with the Registrar within thirty days of each quarter. The liquidator had to pay company debts, adjust contributories' rights, and exercise due care and diligence. Non-compliance attracted fines, including a continuing daily fine for default in filing quarterly accounts.
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