https://www.taxtmi.com/acts?id=12958 Section 553 requires voluntary liquidators to deposit monies received into a Scheduled Bank to the credit of a special Liquidation Account, with payments made in the prescribed manner and times; the Tribunal may authorise a different bank where it benefits creditors or the company. If a liquidator retains sums beyond the permitted amount and period without satisfactory explanation, he must pay interest and any Registrar-determined penalty, cover expenses caused by the default, and may have remuneration disallowed or be removed from office by the Tribunal. en-us Wed, 18 May 2011 13:38:48 +0530 Thu, 09 Jun 2011 16:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12958 Section 553 requires voluntary liquidators to deposit monies received into a Scheduled Bank to the credit of a special Liquidation Account, with payments made in the prescribed manner and times; the Tribunal may authorise a different bank where it benefits creditors or the company. If a liquidator retains sums beyond the permitted amount and period without satisfactory explanation, he must pay interest and any Registrar-determined penalty, cover expenses caused by the default, and may have remuneration disallowed or be removed from office by the Tribunal. Act-Rules Companies Law Wed, 18 May 2011 13:38:48 +0530 https://www.taxtmi.com/acts?id=12958