TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Section 352: Handling unpaid dividends and undistributed assets during winding up, deposits, claims, penalties and government transfer</h1> Section 352 mandates that during winding up, any unpaid dividends to creditors or undistributed refundable assets to contributories remaining unpaid for six months must be deposited by the liquidator into a designated Company Liquidation Dividend and Undistributed Assets Account in a scheduled bank. On dissolution, all remaining such amounts must also be deposited, with prescribed statements filed with the Registrar. Claimants may apply to the Registrar, who must decide claims within sixty days. Unclaimed amounts for fifteen years transfer to the Central Government's general revenue, though claims remain maintainable. A liquidator who wrongfully retains such funds is liable for 12% interest, penalties, expenses, possible disallowance of remuneration, and removal by the Tribunal.
TaxTMI 
TaxTMI 
