Final Meeting and Dissolution [Section 5091. As soon as the affairs of the company are fully wound-up, the liquidator shall
(a) make up an account of the winding-up, showing how the winding-up has
been conducted and the property of the company has been disposed of; and
(b) call a general meeting of the company and a meeting of the creditors for the purpose
of laying the account before the meeting and giving any explanation thereof.
Each such meeting must be called by advertisement and must specify the time, place and objects thereof and must be published at least one month before the meeting in the Official Gazette and also in some newspaper circulating in the district where the registered office of the company is situated.
If the liquidator fails to call a general meeting of the company, as aforesaid, he
shall be punishable with fine which may extend to five thousand rupees.
Within one week after the date of the meeting, the liquidator shall send to the Registrar and the Official Liquidator a copy of the account and a return of the meeting held [Section 509(3)].
If the copy is not so sent or the return is not so made, the liquidator shall be punishable with fine which may extend to five hundred rupees for every day during which the default continues.
The Official Liquidator, after scrutiny of the books and papers of the company,
shall make a report to the Court. If this report states that the affairs of the company
have not been conducted in a manner prejudicial to the interest of the company or public then from the da te of the submission of the report, the company shall be deemed to have been dissolved; otherwise the Court will ask the Official Liquidator to make further investigation and may, after the subsequent report of the Official Liquidator order that the company shall stand dissolved from a specified date or may issue such other order as may be considered appropriate by the Court [Section 509(6)].
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