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September 2011

Simplification of procedure for winding-up petitions.

By Sejal Vasa, Company Secretary
Reading Time 1 mins
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The Ministry of Corporate Affairs has vide General Circular No. 55/2011, dated 26th July 2011, prescribed the procedure to be followed by the Registrar of Companies and Regional Directors for winding up petitions filed by management after committing violations under the Companies Act 1956 or misappropriation of funds of the Company and for petitions filed by creditors. The ROC will prepare a preliminary report based on the last five years data within a week of filing of the petition and the MCA will take a final view within 15 days of such preliminary report and any investigation, etc. will be completed by the ROC and report forwarded to Official Liquidator within 30 days.

The Official Liquidator will place the report before the High Court for appropriate action. To speed-up the winding-up petitions, the Ministry has listed the information to be provided by the Official Liquidator in the General Circular No. 54/2011, dated 26th July 2011. Further the official liquidator also needs to file an application praying to the Court to direct the management of the company to submit information duly verified by a chartered accountant.

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