Rules and Regulations of India

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Section 10 – THE COMPANIES (OFFICIAL LIQUIDATOR’S ACCOUNTS) RULES,1965

10. Investment of surplus funds

(1) The official liquidator shall invest all such moneys in respect of company in liquidation in his charge which are not immediately required for the purpose of winding-up in Government securities, or, with the permission of the court, in trustee securities or in interest-bearing deposits in the State Bank of India or in any other scheduled bank, provided that the Reserve Bank shall make such investment in Government securities or trustee securities only on receipt of the written request from the official liquidator in this behalf.

 

(2) Such securities shall be retained in the Reserve Bank in the name and on behalf of the official liquidator.

 

(3) Such securities shall not be sold, except by the Reserve Bank and except under the written instructions of the official liquidator, provided that the Reserve Bank shall not make any such investment unless the official liquidator requests in writing to do so.

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