Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 588 – The Companies Act,1956

The Companies Act, 1956

588. Directions as to property in certain cases.

(1) If an unregistered company has no power to sue and be sued in a common name, or if for any reason it appears expedient, the 1[Tribunal] may, by the winding up order or by any subsequent order, direct that all or any part of the property, movable or immovable (including actionable claims), belonging to the company or held by trustees on its behalf, shall vest in the Official Liquidator by his official name; and thereupon the property or the part thereof specified in the order shall vest accordingly.

(2) The Official Liquidator may, after giving such indemnity, if any, as the 1[Tribunal] may direct, bring or defend in his official name any suit or legal proceeding relating to the property, or which it is necessary to bring or defend for the purpose of effectually winding up the company and recovering its property.

1. Subs. by Act 11 of 2003, sec. 116, sec. 116, for “Court”.

Previous | Next

The Companies Act, 1956

Indian Laws – Bare Acts

MyNation

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2018 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help just WhatsApp Away

MyNation HELP line

We are Not Lawyers but No Lawyer will give you Advice like We do

Please to read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registrationJOIN WELCOME GROUP HERE

We handle Women centric biased laws like False 498A, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307,312, 313,323 376, 377, 406, 420, 506, 509; and also TEP, RTI etc

Web Design BangladeshWeb Design BangladeshMymensingh