Section 348 of the Companies Act, 2013
Section 348 of the Companies Act, 2013 deals with the Inspection of books and papers by creditors and contributories during the winding-up of a company.
📘 Section 348 – Inspection of books and papers by creditors and contributories
Key Provisions:
Right to Inspect:
At any time after the making of an order for the winding up of a company, the books and papers of the company can be inspected by:
Any creditor of the company
Any contributory (i.e., shareholder or member liable to contribute to the assets of the company)
Conditions of Inspection:
Inspection must be in accordance with the rules prescribed by the Central Government.
Fees & Regulations:
Such inspection may be subject to the payment of fees and compliance with procedures as may be prescribed.
Exceptions:
Nothing in this section shall exclude or restrict any rights conferred by law to government authorities or others under separate provisions.
🔍 Objective of Section 348:
To ensure transparency during the winding-up process and allow stakeholders (creditors and shareholders) to keep track of the company's affairs by reviewing its books and records.
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