https://www.taxtmi.com/caselaws?id=97993 A declaration of solvency for voluntary winding-up must comply strictly with section 488(2)(b) of the Companies Act, 1956 and rule 313 of the Companies (Court) Rules, 1959: it must be supported by an audit report up to the latest practicable date, a balance-sheet as on that date, and a separate statement of assets and liabilities in the prescribed form. A declaration supported only by earlier accounts, lacking the required statement, and not filed in Form 149 does not satisfy the statutory precondition. Such defects are substantive, not merely formal, so the voluntary winding-up is not validly initiated and the resolutions appointing the liquidator and supervisors are void. en-us Wed, 09 Jan 1963 00:00:00 +0530 Wed, 18 Jan 2012 17:24:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97993 A declaration of solvency for voluntary winding-up must comply strictly with section 488(2)(b) of the Companies Act, 1956 and rule 313 of the Companies (Court) Rules, 1959: it must be supported by an audit report up to the latest practicable date, a balance-sheet as on that date, and a separate statement of assets and liabilities in the prescribed form. A declaration supported only by earlier accounts, lacking the required statement, and not filed in Form 149 does not satisfy the statutory precondition. Such defects are substantive, not merely formal, so the voluntary winding-up is not validly initiated and the resolutions appointing the liquidator and supervisors are void. Case-Laws Companies Law Wed, 09 Jan 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97993