Scrutiny and investigation in winding up cases require preliminary reporting, timed inspections, and follow up actions against management. Upon filing of a winding up petition the Official Liquidator must forward the petition to the Registrar of Companies, who shall review MCA registry records and submit a one week preliminary report covering company history, management, capital and financial position, compliance and complaints, prior inspections, fundraising and related party transactions, unsecured borrowings and auditor qualifications. The Ministry will decide within 15 days whether to order inspection or investigation; ordered inspections/investigations must be completed and sent to the Official Liquidator within 30 days, after which the Official Liquidator will seek appropriate court orders and pursue action against directors and management.
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.
Scrutiny and investigation in winding up cases require preliminary reporting, timed inspections, and follow up actions against management.
Upon filing of a winding up petition the Official Liquidator must forward the petition to the Registrar of Companies, who shall review MCA registry records and submit a one week preliminary report covering company history, management, capital and financial position, compliance and complaints, prior inspections, fundraising and related party transactions, unsecured borrowings and auditor qualifications. The Ministry will decide within 15 days whether to order inspection or investigation; ordered inspections/investigations must be completed and sent to the Official Liquidator within 30 days, after which the Official Liquidator will seek appropriate court orders and pursue action against directors and management.
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