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)
Investment of surplus funds must be in government securities or scheduled bank deposits with Tribunal oversight. Monies held by the Company Liquidator not immediately required for winding up must be invested in Government securities or interest bearing deposits in scheduled banks in the company's name; the Liquidator must monitor investments, submit returns with deposit details to the Tribunal, and on deposit maturity perform due diligence on alternative banks and seek Tribunal leave to reinvest where a higher rate is available.
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Provisions expressly mentioned in the judgment/order text.
Investment of surplus funds must be in government securities or scheduled bank deposits with Tribunal oversight.
Monies held by the Company Liquidator not immediately required for winding up must be invested in Government securities or interest bearing deposits in scheduled banks in the company's name; the Liquidator must monitor investments, submit returns with deposit details to the Tribunal, and on deposit maturity perform due diligence on alternative banks and seek Tribunal leave to reinvest where a higher rate is available.
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