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of <h1>Voluntary winding up: duties of liquidator for final meeting, accounts, dissolution and penalties u/s 318 Companies Act</h1> Section 318 of the Companies Act, 2013 (now omitted by the Insolvency and Bankruptcy Code, 2016) governed the final meeting and dissolution of a company in voluntary winding up. It required the company liquidator, after fully winding up affairs and satisfying debts, to prepare a report, convene a general meeting, lay final accounts, and seek members' approval for dissolution. Following the meeting, the liquidator had to submit accounts, resolutions, and an application with records to the Tribunal, which, if satisfied the winding up was just and fair, ordered dissolution. The order was then filed with the Registrar for publication, and non-compliance by the liquidator attracted a monetary penalty.
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