The duties of liquidator with respect to the unpaid money and refundable assets which remains undistributed after six months from the date on which they become payable are enumerated in Section 555 of the Companies Act, 1956. These are:
1. The liquidator shall forthwith pay the said money into the public account of
2. The liquidator shall, on the dissolution of the company, similarly pay into the said account any money representing unpaid dividends or undistributed assets in his hands at the date of dissolution.
3. The liquidator shall, when making any payment in both the cases furnish to such officer as the Central Government may appoint in this behalf, a statement in the prescribed form, setting forth, in respect of all sums included in such payment, the nature of the sums, the names and last known addresses of the persons entitled to participate therein, and such other particulars as may be prescribed.
4. The liquidator shall be entitled to a receipt from the Reserve Bank of
5. Where the company is being wound-up by the Court, the liquidator shall make payments referred to in both the cases by transfer from the account referred to in Section 552 (i.e., the public accounts of
6. Where the company is being wound-up voluntarily or subject to the supervision of the Court, the liquidator shall, when filing the statement in pursuance of sub-section (1) of Section 551, indicate the sum of money which is payable to the Reserve Bank of India in both the cases which he has in his hands or under his control during the six months preceding the date to which the said
statement is brought down, and shall, within 14 days of the date of filing of the said statement, pay that sum into the Companies Liquidation Account.
7. Any money paid into the Companies Liquidation Account in pursuance of this Section, which remains unclaimed thereafter for a period of 15 years, shall be transferred to the General Revenue Account of the Central Government; but a claim to any money so transferred may be preferred under sub-section (7) and shall be dealt with as if such transfer had not been made; the order, if any, for payment on the claim being treated as an order for refund or revenue.
8. Any liquidator retaining any money which should have been paid by him into
the Companies Liquidation Account under this section shall:
(a) pay interest on the amount retained at the rate of 12% per annum and also pay such penalty as may be determined by the Registrar. However, the Centrl Government may in proper case remit either in part or in whole the amount of interest which the liquidator is required to pay under this
clause;
(b) be liable to pay any expenses occasioned by reason of his default; and (c) where the winding-up is by or under the supervision of the Court,
also be liable to have all or such part of his remuneration as the Court may think just to be disallowed, and to be removed from his office by the court.
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