TMI BlogDeclaration of solvency in case of proposal to wind-up voluntarily.X X X X Extracts X X X X X X X X Extracts X X X X ..... the directors, may, at a meeting of the Board, make a declaration verified by an affidavit, to the effect that they have made a full inquiry into the affairs of the company, and that, having done so, they have formed the opinion that the company has no debts, or that it will be able to pay its debts in full within such period not exceeding three years from the commencement of the winding up as ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any made out as on the last-mentioned date and also embodies a statement of the company's assets and liabilities as at that date.] (3) Any director of a company making a declaration under this section without having reasonable grounds for the opinion that the company will be able to pay its debts in full within the period specified in the declaration, shall be punishable with imprisonment f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary winding up". ------------------------------------------- Notes:- [1] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 178, for clause (b). [2] Substituted for "five thousand rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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