valid as on 21/07/2024

Section 350. Company Liquidator to deposit monies into scheduled bank
Effective from 15-12-2016

(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:

Provided that if the considers that it is advantageous for the creditors or contributories or the , it may permit the account to be opened in such other bank specified by it.

(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.

2(23) Company Liquidator  means a person appointed by the Tribunal as the Company Liquidator in accordance with the provisions of section 275 for the winding up of a company under this Act.
2(80) Scheduled bank means the scheduled bank as defined in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934)
2(90) Tribunal means the National Company Law Tribunal constituted under section 408
2(20) Company means a company incorporated under this Act or under any previous company law
2(78) Remuneration means any money or its equivalent given or passed to any person for services rendered by him and includes perquisites as defined under the Income-tax Act, 1961 (43 of 1961)

Enforcement Notification S.O. 3677(E) dated 07/12/2016

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