(i) has assets of book value not exceeding one crore rupees; and
(ii) belongs to such class or classes of companies as may be prescribed, the may order it to be wound up by summary procedure provided under this Part.
(3) The Official Liquidator shall forthwith take into his custody or control all assets, effects and actionable claims to which the company is or appears to be entitled.
(4) The Official Liquidator shall, within thirty days of his appointment, submit a report to the in such manner and form, as may be prescribed, including a report whether in his opinion, any fraud has been committed in promotion, formation or management of the affairs of the company or not.
(5) On receipt of the report under sub-section (4), if the is satisfied that any fraud has been committed by the , directors or any other of the company, it may direct further investigation into the affairs of the company and that a report shall be submitted within such time as may be specified.
(a) who has been named as such in a prospectus or is identified by the company in the annual return referred to in section 92; or
(b) who has control over the affairs of the company, directly or indirectly whether as a shareholder, director or otherwise; or
(c) in accordance with whose advice, directions or instructions the Board of Directors of the company is accustomed to act:
Provided that nothing in sub-clause (c) shall apply to a person who is acting merely in a professional capacity