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of <h1>Annual audited liquidation statements required when winding up exceeds one year, with penalties for fraud and non-compliance</h1> Where a company's winding up exceeds one year, the Company Liquidator must, unless exempted, file with the Tribunal an annual or more frequent audited statement on the progress and position of liquidation, in the prescribed form, within two months of each relevant period; audit is dispensed with where section 294 applies. A copy must also be filed with the Registrar, and, for a government company, forwarded to the relevant Central and/or State Government members. Creditors and contributories may inspect, obtain copies or extracts on payment of the prescribed fee. Fraudulent misrepresentation as a creditor or contributory attracts penal consequences under the Indian Penal Code. Where the Company Liquidator is an insolvency professional, non-compliance is treated as a contravention under the Insolvency and Bankruptcy Code.
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