Section 536 – The Companies Act,1956

The Companies Act, 1956

536. Avoidance of transfers, etc., after commencement of winding up.

(1) In the case of a voluntary winding up, any transfer of shares in the company, not being a transfer made to or with the sanction of the liquidator and any alteration in the status of the members of the company made after the commencement of the winding up, shall be void.

(2) In the case of a winding up by 1[the Tribunal], any disposition of the property (including actionable claims) of the company, and any transfer of shares in the company or alteration in the status of its members, made after the commencement of the winding up, shall 22[unless the Tribunal] otherwise orders, be void.

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1. Subs. by Act 11 of 2003, sec. 96, for “or subject to the supervision of the Court”.

2. Subs. by Act 11 of 2003, sec. 96, for “unless the Court”.

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The Companies Act, 1956

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