Rules and Regulations of India

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Section 15 – COMPANIES (CENTRAL GOVERNMENT’S) GENERAL RULES & FORMS

15. Section 550(3)(a) and (b)

(1) Except as provided in this rule or in an order of the court made in pursuance of section 550, sub-section (1), clause (a), the books and papers of a company which has been wound-up and of its liquidator shall not be destroyed for a period of five years from the date of its dissolution.

(2)(a) Any creditor or contributory of any such company may make representations to the Central Government in writing, with regard to the desirability of destroying all or any of the books and papers of the company and of its liquidator, at an earlier time than that specified in sub-rule (1).

(b) The liquidator of any such company may also make representations to the Central Government in writing with regard to the desirability of destroying all or any of his books and papers and those of the company at an earlier time than that specified in sub-rule (1).

(3) After considering the representations made to it under clause (a) or clause (b) of sub-rule (2), as the case may be, and giving to all persons concerned in the matter, such opportunity, if any, as may, in the opinion of the Central Government, be reasonable in the circumstances, to make their representations, if any, to it in writing, the Central Government may direct either-

(a) that the period of five years specified in sub-rule (1) shall be reduced to such extent as it may deem just and proper; or

(b) that period shall remain unaltered.

(4) Any creditor or contributory of the company may appeal to the court from any direction given by the Central Government under sub-rule (3).

(5) (a) After giving such opportunity, if any, as may, in the opinion of the Central Government, be reasonable in the circumstances, to all persons concerned in the matter, to make representations, if any, to it in writing, the Central Government may for reasons to be recorded by it in writing, vary or rescind any direction made by it under these Rules.

(b) Any creditor or contributory of the company may appeal to the court from any direction given by the Central Government under clause (a).

(6) Every appeal under sub-rule (4) or clause (b) of sub-rule (5) from any direction of the Central Government shall be preferred within ninety days of the making of the direction:

Provided that an appeal may be admitted after the period aforesaid, if the appellant satisfies the court that he had sufficient cause for not preferring the appeal within that period.

(7) No direction given by the Central Government under sub-rule (3) or clause (a) of sub-rule (5) shall be inconsistent with any order made by the court on an appeal preferred to it under these Rules or on an application made to it under clause (a) of sub-section (1) of section 550.

(8) Any special or other resolution passed, by any such company or such other authority as may be competent in this behalf, for the destruction of all or any of the books and papers of the company and of its liquidator before the expiry of the period of five years specified in sub-rule (1) or of such shorter period as may be fixed by the Central Government or the court in pursuance of these Rules shall have effect as if for the period mentioned in the resolution, the period of five years or the shorter period aforesaid had been substituted.

(9) Where any application or appeal is made to the court for the destruction of all or any of the books and papers of a company and of its liquidator before the expiry of the period of five years referred to in sub-rule (1) or of such shorter period, if any, as may have been fixed by the
Central Government under sub-rule (3) or clause (a) of sub-rule (5), as the case may be, the application or appeal shall not be heard unless a copy thereof has been served on the Central Government by the applicant or appellant and not less than one month has expired from the date on which the copy is so served.

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