• As per Companies (Amendment) Act, 2000

Notice to Registrar [Section 501A A copy of any resolution passed at the creditors’ meeting must be filed with the Regtstrar within 10 days of the passing thereof. If default is m.ade, then the compan.y eind every officer in default shall be punishable with fine which may extend to 500 rupees for every day of the default.

3. Appointment of Liquidator [Section ‘Q021. The creditors and the members at their respective first meetings may nominate erson to be the liquidator for the purpose of winding-up the affairs and distributing the assets of the company. If the creditors and the members nominate different persons, the creditors’ nominee will as a rule be the liquidator. But any Director, Member or Creditor may apply to the Court for an order that the company’s nominee or the Official Liquidator or some other person should be appointed. The order of the Court will be binding on all. If no person is nominated by the creditors, the members’ nominee shall be the liquidator. Conversely, if no person is nominated by the members, the nominee of the creditors shall be the liquidator. In a situation where in the members’ meeting a liquidator is to be appointed, the decision of meeting should be based on the majority in number of members and not by the value of shares held’. Vacancies in the office caused by death, resignation or otherwise may be filled by creditors, except where the liquidator was originally appointed by or under the direction of the Court, when the Court will, on application, fill the vacancy.

Body Corporate not to be Appointed as Liquidator (Section 513). A body corporate shall not be qualified for appointment as liquidator of a company in a voluntary winding-up. Any such appointment, if made, shall be void. Further, sub-section (3) of Section 513 provides that any body corporate which acts as liquidator of a company and every Director or a Manaer thereof shall be punishable with fine which may extend to ten thousand rupees.