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of <h1>Section 347 Companies Act: Rules for disposing company records after winding up, liability limits, penalties for non-compliance</h1> Section 347 of the Companies Act, 2013 governs the disposal of books and papers after a company's affairs are completely wound up and it is about to be dissolved. The Tribunal determines how such records, including those of the Company Liquidator, are to be disposed of. After five years from dissolution, no liability arises for the company, liquidator, or custodian if books or papers are unavailable. The Central Government may make rules to delay destruction of records and allow creditors or contributories to make representations and appeal to the Tribunal. Contravention of such rules or orders attracts a fine up to fifty thousand rupees.
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