https://www.taxtmi.com/caselaws?id=459573 A company in liquidation may be dissolved under Section 481 of the Companies Act, 1956 where the winding up has remained pending for a long period, assets have been realised and distributed, the Employees Provident Fund Organisation's claim has been settled, and no further assets or prospects of realisation remain. In such circumstances, continuation of the winding up serves no useful purpose and dissolution is appropriate. Any remaining balance lying in the public account is to be transferred under Section 555(2) of the Companies Act, 1956, with the Official Liquidator directed to remit it to the Public Account of India in the Reserve Bank of India. en-us Fri, 20 Mar 2015 00:00:00 +0530 Wed, 18 Dec 2024 19:04:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459573 A company in liquidation may be dissolved under Section 481 of the Companies Act, 1956 where the winding up has remained pending for a long period, assets have been realised and distributed, the Employees Provident Fund Organisation's claim has been settled, and no further assets or prospects of realisation remain. In such circumstances, continuation of the winding up serves no useful purpose and dissolution is appropriate. Any remaining balance lying in the public account is to be transferred under Section 555(2) of the Companies Act, 1956, with the Official Liquidator directed to remit it to the Public Account of India in the Reserve Bank of India. Case-Laws Companies Law Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459573