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21 Filing and Audit of the Company Liquidators Account

(1) Half-yearly accounts to be filed. - For the purpose of sub-section (2) of section 294, unless otherwise ordered by the Tribunal, the Company Liquidator shall file his accounts in the Tribunal twice a year. Such accounts shall be made up to the 31st of March and 30th of September every year, the account for the period ending 31st March being filed not later than the 30th of June following, and account for the period ending 30th September, not later than the 31st of December following :

Provided that the final account of the Company Liquidator shall be filed as soon as the affairs of the company have been fully wound-up, irrespective of the period prescribed above.

(2) Form of account.- For the purposes of sub-section (2) of section 294, the account shall be a statement of receipts and payments in Form No. 42 and shall be prepared in accordance with the instructions contained therein. Three copies thereof shall be filed, and the account shall be verified by an affidavit of the Company Liquidator in Form No. 43. The final account shall be in Form No. 44.

(3) Nil account.- Where the Company Liquidator has not during the period of account received or paid any sum of money on account of the assets of the company, he shall file an affidavit of no receipts or payments on the date on which he shall have to file his accounts for the period.

(4) Registrar to send copy of account to the Auditor.- As soon as the accounts are filed, the Registrar of Tribunal shall forward to the auditor one copy thereof within 15 days for purposes of audit with a requisition in Form No. 45 requesting that the accounts may be audited and a certificate of audit submitted to the Tribunal not later than one month from the date of receipt of the copy of the account as required under sub-section (4) of section 294:

Provided that the accounts need not be got audited where the transaction during the period is for rupees five thousand or less.

(5) Audit of the Company Liquidator s accounts.- The accounts shall be audited by one or more Chartered Accountants appointed by the Tribunal. The audit shall be a complete check of the accounts of the Company Liquidator. The Company Liquidator shall produce before the auditor all his books and vouchers for the purposes of the audit, and shall give the auditor all such explanations, information and assistance as may be required of him in respect of the accounts.

(6) Audit certificate to be filed.- After the audit of the accounts of the Company Liquidator filed in Tribunal, the auditor shall forward to the Registrar a certificate of audit relating to the account with his observations and comments, if any, on the account, together with a copy thereof and shall forward another copy to the Company Liquidator in accordance with sub-section (4) of section 294. The Registrar shall file the original certificate with the records and forward the copy to the Registrar of Companies together with a copy of the account to which it relates.

(7) Audit fees.- Audit fees according to the following scale on the gross amount brought to credit, including the produce of calls on contributories interest on investments and rents from properties, but after deducting (a) the amount spent out of the money received in carrying on the business of the company and (b) the amounts paid by the Company Liquidator to secured creditors (other than debenture-holders), shall be paid to the auditor and debited to the account of the liquidation to which the audit relates :-

On the amount brought to credit including the produce of calls on contributories, interest on investments and rents from properties, but after deducting (a) the amount spent out of the money received in carrying on the business of the company, and (b) amounts paid by the Company Liquidator to secured creditors (other than debenture-holders) ... 1/2 per cent.

On disbursements, other than payments to secured creditors not being debenture holders. ... 1/2 per cent.

On such fee as may be prescribed by the Tribunal.

(8) Inspection of the account and certificate of audit.- For the purposes of sub-section (4) of section 294, any creditor or contributory or person interested shall be entitled to inspect the accounts and the auditor s certificate in the office of the Registrar of Companies on payment of such fee and to obtain a copy thereof on payment of the charges at such rate as may be provided in Annexure B

(9) Account and auditor s report to be placed before Bench.- Upon the audit of the account, the Registrar shall place the statement of account and the auditor s certificate before the Bench for its consideration and orders.