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The Companies Act, 2013

Chapter XX - Winding Up (270 - 365)

Section 314- Powers and duties of Company Liquidator in voluntary winding up.

[Section 314 omitted w.e.f.15.11.2016 vide Notification dated 28.05.2016 (Insolvency and Bankruptcy Code, 2016) read with MCA Notification S.O.3453(E) dated 15.11.2016 ]

Section 314- Powers and duties of Company Liquidator in voluntary winding up. [Corresponds to Section 512 of the Companies Act, 1956]

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Prior to Omission w.e.f. 15.11.2016, Section 314 read as under:

Section 314- Powers and duties of Company Liquidator in voluntary winding up. [Corresponds to Section 512 of the Companies Act, 1956]

(1) The Company Liquidator shall perform such functions and discharge such duties as determined from time to time by the company or the creditors, as the case may be.

(2) The Company Liquidator shall settle the list of contributories, which shall be prima facie evidence of the liability of the persons named therein to be contributories.

(3) The Company Liquidator shall call general meetings of the company for the purpose of obtaining the sanction of the company by ordinary or special resolution, as the case may require, or for any other purpose he may consider necessary.

(4) The Company Liquidator shall maintain regular and proper books of account in such form and in such manner as may be prescribed and the members and creditors and any officer authorised by the Central Government may inspect such books of account.

(5) The company liquidator shall prepare quarterly statement of accounts in such form and manner as may be prescribed and file such statement of accounts duly audited within thirty days from the close of each quarter with the Registrar, failing which the Company Liquidator shall be punishable with fine which may extend to five thousand rupees for every day during which the failure continues.

(6) The Company Liquidator shall pay the debts of the company and shall adjust the rights of the contributories among themselves.

(7) The Company Liquidator shall observe due care and diligence in the discharge of his duties.

(8) If the Company Liquidator fails to comply with the provisions of this section except sub-section (5) he shall be punishable with fine which may extend to ten lakh rupees.