(1) Every of a company shall, in such manner and at such times as may be prescribed, deposit the monies received by him in his capacity as such in a to the credit of a special bank account opened by him in that behalf:
(2) If any Company Liquidator at any time retains for more than ten days a sum exceeding five thousand rupees or such other amount as the Tribunal may, on the application of the Company Liquidator, authorise him to retain, then, unless he explains the retention to the satisfaction of the Tribunal, he shall—
(a) pay interest on the amount so retained in excess, at the rate of twelve percent. per annum and also pay such penalty as may be determined by the Tribunal;
(b) be liable to pay any expenses occasioned by reason of his default; and
(c) also be liable to have all or such part of his , as the Tribunal may consider just and proper, disallowed, or may also be removed from his office.