(1) Any person applying to the Central Government under clause (b) of sub-section (7) of section 555 of the Act, shall make such application under his own signature or through a power of attorney-holder, giving details of the amount and the name of the company from which the amount is due to him.
(2) Every such application shall be accompanied by a treasury Challana in token of payment of fees chargeable for the amount of the claims in terms of the Companies (Fees on Applications) Rules, 1968. Such fees shall be deposited into the Government Treasury under the head 1[“104-Other General Economic Services-Regulation of Joint Stock Companies-Fees realized by the Central Government on applications made to it under the Companies Act, 1956”].
(3) The application received by the Central Government shall be sent to the Registrar of Companies concerned, who shall verify from his records and certify whether the claimant is entitled to money claimed by him and whether according to the records with the Registrar, no application from the claimant is pending in any court for payment of the money.
(4) The Central Government may direct the Registrar of Companies concerned to obtain from the liquidator of the company, in case the company has not been finally would-up, a report certifying whether the claimant is or is not entitled to the whole or any part of the amount claimed, and on receipt of a communication from the Registrar in that regard, the liquidator shall submit a report to the Central Government through the Registrar specifying the amount, if any, to which the claimant is entitled.
(5) Where the claimant’s title to the aforesaid money has been established to the satisfaction of the Central Government, that Government shall direct the claimant (not being the Central Government itself, a State Government, a Government company within the meaning of section 617 of the Act or a local authority) to execute an indemnity bond with or without surety in the form set out in Annexure II or as near thereto as may be on a non-judicial stamp paper of the value payable in the State of execution or acceptance.
(6) On receipt of the report referred to in sub-rule (4) and the indemnity bond, if any, duly executed by the claimant, the Central Government shall issue a payment order sanctioning the payment of the amount due to the claimant.
(7) Notwithstanding anything in sub-rule (4) or sub-rule (5), the Central Government may, where the amount claimed is not more than 2[one thousand rupees] and the claimant establishes his title to the money to its satisfaction, issue an order sanctioning the payment of the amount due to the claimant.
(8) The claimant, on receipt of the order under sub-rule (6) or sub-rule (7), shall obtain payment of the amount from the Registrar of Companies concerned or such other Registrar of Companies as may be specified in that order after delivering to him a stamped receipt bearing the signature of two witnesses.
(9) The Registrar of Companies concerned shall, in the accounts maintained by him, cause a note to be made therein of any payment having been made.
1. Substituted by GSR 2597(E), dated 25th October, 1975, w.e.f. 1st. November, 1975.
2. Substituted by GSR 626(E), dated 15th. May, 1978.
3. Substituted by GSR 523(E), dated 21st. November, 1973.