CMA Final · Corporate and Economic Laws · Accounts and Audit
Under the Companies Act, 2013, how often must a Company Liquidator present an account of receipts and payments to the Tribunal during his tenure of office?
The Company Liquidator must present an account of receipts and payments to the Tribunal, in the prescribed form and in duplicate, at least twice in each year during his tenure of office. A single yearly or final-only presentation would not satisfy the requirement.
- AOnce in each year
- BAt least twice in each yearCorrect
- COnly at the end of the winding up
- DAt least once in every quarter
Explanation
Section 294(2) requires the Company Liquidator to present to the Tribunal an account of receipts and payments at prescribed times, not less than twice in each year during his tenure. Once a year is therefore insufficient, and the Act does not fix a quarterly or end-only requirement.
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