Delegation of remittance authority to authorised banks enables remittance from liquidated companies subject to tax and auditor compliance. AD Category I banks are authorised to permit remittance out of assets of Indian companies under liquidation provided the remittance complies with any court or liquidator order and the applicant submits a tax clearance or no objection from the Income Tax authority, auditor certificates confirming domestic liabilities are paid or provided for, that the winding up conforms to the Companies Act, 1956, and, for non court winding up, an auditor certificate confirming no pending legal proceedings or impediments.
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.
Delegation of remittance authority to authorised banks enables remittance from liquidated companies subject to tax and auditor compliance.
AD Category I banks are authorised to permit remittance out of assets of Indian companies under liquidation provided the remittance complies with any court or liquidator order and the applicant submits a tax clearance or no objection from the Income Tax authority, auditor certificates confirming domestic liabilities are paid or provided for, that the winding up conforms to the Companies Act, 1956, and, for non court winding up, an auditor certificate confirming no pending legal proceedings or impediments.
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