PAYMENT OF UNCLAIMED DIVIDENDS OR UNDISTRIBUTED ASSETS INTO THE COMPANY LIQUIDATION DIVIDEND AND UNDISTRIBUTED ASSETS ACCOUNT IN A WINDING UP (From Rule 179 to Rule 182)
Company liquidator must deposit all receipts into a special bank account and file quarterly bank statements. Company liquidators must deposit all receipts, including cheques and demand drafts, into a special bank account in the liquidator's official name at a scheduled bank or other Tribunal permitted bank; daily realisations must be deposited without deduction by the next working day. A petty cash float of five thousand rupees (or higher if Tribunal approved) may be maintained. Payments above two thousand rupees must be made by cheque from the special account. The liquidator must file quarterly reports to the Tribunal, including the bank statements of the special account.
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.
Company liquidator must deposit all receipts into a special bank account and file quarterly bank statements.
Company liquidators must deposit all receipts, including cheques and demand drafts, into a special bank account in the liquidator's official name at a scheduled bank or other Tribunal permitted bank; daily realisations must be deposited without deduction by the next working day. A petty cash float of five thousand rupees (or higher if Tribunal approved) may be maintained. Payments above two thousand rupees must be made by cheque from the special account. The liquidator must file quarterly reports to the Tribunal, including the bank statements of the special account.
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