Rules and Regulations of India

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Section 289 – THE COMPANIES (COURT) RULES, 1959

289. Payments into Bank under section 471

Where the Court makes an order directing any person to pay any money due to the company into the public account of India in the Reserve Bank of India instead of to the Official Liquidator, the person so directed shall, at the time of making the payment, produce to the Bank a certified copy of the order or a payment-in Challana endorsed by the Official Liquidator under his signature. The money so paid shall be credited to the Official Liquidator’s account with the Reserve Bank of India. The person making the payment shall give notice thereof’ to the Official Liquidator and produce before him the Bank receipt relating thereto.

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