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of <h1>Court Approval Needed for Liquidators to Deposit Surplus Winding-Up Funds in Nationalised Banks per Rule 293 Clarification.</h1> The circular addresses whether official liquidators must obtain court approval to deposit surplus funds in nationalised banks during company winding-up processes. It clarifies that under rule 293 of the Companies (Court) Rules, 1959, liquidators can invest surplus funds in Government securities or the State Bank of India, or with court approval, in other scheduled banks. The circular suggests that court approval may be sought for depositing surplus funds in nationalised banks when convenient, countering the belief that deposits are restricted to the State Bank of India only.
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