Corporate Liquidation Account: procedures for depositing unclaimed liquidation proceeds and authorised stakeholder withdrawal by the Board. The regulation requires deposit of unclaimed dividends and undistributed liquidation proceeds, with income thereon, into the Corporate Liquidation Account; liquidators must provide evidence and stakeholder details, and late deposits attract interest. Stakeholders may apply for withdrawal before dissolution via the liquidator or after dissolution directly to the Board, which may authorise release upon satisfaction of entitlement. The Board must maintain debtor-wise ledgers, nominate a custodian for withdrawals, audit accounts annually, and transfer amounts remaining unclaimed for the statutory period to the Consolidated Fund of India.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Corporate Liquidation Account: procedures for depositing unclaimed liquidation proceeds and authorised stakeholder withdrawal by the Board.
The regulation requires deposit of unclaimed dividends and undistributed liquidation proceeds, with income thereon, into the Corporate Liquidation Account; liquidators must provide evidence and stakeholder details, and late deposits attract interest. Stakeholders may apply for withdrawal before dissolution via the liquidator or after dissolution directly to the Board, which may authorise release upon satisfaction of entitlement. The Board must maintain debtor-wise ledgers, nominate a custodian for withdrawals, audit accounts annually, and transfer amounts remaining unclaimed for the statutory period to the Consolidated Fund of India.
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