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of <h1>Summary winding up u/s 361: swift government-led process for small companies with potential fraud investigation safeguards</h1> Section 361 of the Companies Act, 2013 enables the Central Government to order summary winding up of a company where its book-value assets do not exceed one crore rupees and it falls within prescribed classes. In such cases, the Official Liquidator is appointed as liquidator and must immediately take custody or control of all assets, effects, and actionable claims. Within thirty days, the Official Liquidator must report to the Central Government, including an opinion on possible fraud in promotion, formation, or management. If fraud appears, the Central Government may order further investigation. After considering the investigation report, it may direct winding up either under the regular procedure in Part I or continue under this summary procedure.
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