The Companies Act, 1956
513. Body corporate not to be appointed as liquidator.
(1) A body corporate shall not be qualified for appointment as liquidator of 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 very director 1[***] or a manager thereof shall be punishable with fine which may extend to 2[ten thousand rupees].
3[Provided that, notwithstanding anything contained in any other law for the time being in force, a body corporate consisting of such professionals as may be approved by the Central Government from time to time, shall be qualified for appointment as Official Liquidator under section 448.]
1. The words “, managing agent, secretaries and treasurers,” omitted by Act 53 of 2000, sec. 203 (w.e.f. 13-12-2000).
2. Subs. by Act 53 of 2000, sec. 203, for “one thousand rupees” (w.e.f. 13-12-2000).
3. Ins. by Act 11 of 2003, sec. 89.