Section 463   [ View Judgements ]

Control of Central Government over liquidators.

463. Control of Central Government over liquidators

(1) The Central Government shall take cognizance of the conduct of liquidators of companies which are being wound up by the 1[Tribunal], and, if a liquidator does not faithfully perform his duties and duly observe all the requirements imposed on him by this Act 2[or by the Indian Companies Act, 1913 (7 of 1913)], the rules thereunder, or otherwise, with respect to the performance of his duties, or if any compliant is made to the Central Government by any creditor or contributory in regard thereto, the Central Government shall inquire into the matter, and take such action thereon as it may think expedient:

2[Provided that where the winding up of a company has commenced before the commencement of this Act, the 1[Tribunal] may, on the application of the Central Government, appoint in place of such liquidator the Official Liquidator as the liquidator in such winding up.]

(2) The Central Government may at any time require any liquidator of a company which is being wound up by the 1[Tribunal] to answer any inquiry in relation to any winding up in which he is engaged, and may, if the Central Government thinks fit, apply to the 1[Tribunal] to examine him or any other person on oath concerning the winding up.

(3) The Central Government may also direct a local investigation to be made of the books and vouchers of the liquidators.

1. Subs. by Act 11 of 2003, sec. 70, for "Court".

2. Ins. by Act 65 of 1960, sec. 172 (w.e.f. 28-12-1960).

#LawyerServices #Section #Act #Law #Statute #IndianLaw #Kanoon