Rules and Regulations of India

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Section 144 – THE COMPANIES (COURT) RULES, 1959

144. Committee of Inspection not to make profit

No member of the Committee of inspection shall, except under and with the sanction of the Court, directly or indirectly, by himself, or any employer, partner, clerk, agent, servant or relative, be entitled to derive any profit from any transaction arising out of the winding-up or to receive out of the assets any payment for services rendered by him in connection with the administration of the assets, or for any goods, supplied by him to the Liquidator for or on account of the company. Where, any profit or payment has been made contrary to the provisions of this rule such payment shall be disallowed or the profit shall be recovered, as the case may be, on the audit of the Liquidator’s accounts or otherwise.

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