Rules and Regulations of India

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Section 295 – THE COMPANIES (COURT) RULES, 1959

295. Investments to be made by the Bank

All investments shall be made by the Bank upon the written request of the Official Liquidator. The securities shall be retained in the Bank in the name and on behalf of the Official Liquidator, and shall not be sold except by the Bank and under the written instructions of the Official Liquidator. When the securities are sold the proceeds shall be credited by the Bank to the account of the Official Liquidator.

[Note.- In this rule, the word ‘Bank’ shall mean the Reserve Bank of India and its Branches, but not its Agencies.]

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