Costing Standards Accounting Standards E-Forms

The Companies Act, 1956

Winding Up (Section 425 to 560)

Section 513 Body corporate not to be appointed as liquidator.

Section 513 Body corporate not to be appointed as liquidator.

(1) A body corporate shall not be qualified for appointment as liquidator a company in a voluntary winding up.

(2) Any appointment made in contravention of sub-section (1) shall be void.

(3) Any body corporate which acts as liquidator of a company, and every director or the manager there of shall be punishable with fine which may extend to ten thousand rupees.