Section 347 of the Companies Act, 2013
Section 347 of the Companies Act, 2013 deals with the Disposal of books and papers of the company after the affairs of the company have been completely wound up.
📘 Section 347 – Disposal of books and papers of company
Key Provisions:
Disposal by Company Liquidator or Liquidator:
After the affairs of a company have been completely wound up and it is about to be dissolved, the Company Liquidator (in voluntary winding up) or the Official Liquidator (in other cases) shall dispose of the books and papers of the company and of the Liquidator as directed by:
the Tribunal in case of winding up by Tribunal, or
the Company, with approval of the creditors, in case of voluntary winding up.
Preservation Period:
The Central Government may prescribe rules regarding the period for which the books and papers are to be preserved.
Responsibility for Safekeeping:
After the prescribed period, no responsibility shall rest on the company, the liquidator, or anyone else for the safekeeping of the books and papers.
Penalty for Contravention:
If any person acts in contravention of this section, they may be punished with fine up to ₹50,000.
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