TMI BlogUnpaid dividends and undistributed assets to be paid into the Companies Liquidation Account.X X X X Extracts X X X X X X X X Extracts X X X X ..... public account of India in the Reserve Bank of India in a separate account to be known as the Companies Liquidation Account.] (2) The liquidator shall, on the dissolution of the company, similarly pay into the said account any money representing [2] [unpaid] dividends or undistributed assets in his hands at the date of dissolution. (3) The liquidator shall, when making any payment referred to in sub-sections (1) and (2), furnish to such officer as the Central Government may appoint in this behalf, a statement in the prescribed form, setting forth, in respect of all sums included in such payment, the nature of the sums, the names and last known addresses of the persons entitled to participate therein, the amount to which each ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the sum due: Provided that before making such an order, the 1[Tribunal] shall cause a notice to be served on such officer as the Central Government may appoint in this behalf, calling on the officer to show cause within one month from the date of the service of the notice why the order should not be made. (b) Any person claiming as aforesaid may, instead of applying to the 1[Tribunal], apply [6] to the Central Government [7] for an order for payment of the money claimed; and the Central Government may, if satisfied whether on a certificate by the liquidator or the Official Liquidator or otherwise, that such person is entitled to the whole or any part of the money claimed and that no application made in pursuanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ------------------------------------- Notes:- [1] Substituted by Companies (Amendment) Act, 1960, Act 65 of 1960, section 191, for sub-section (1). [2] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 191, for "unclaimed". [3] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. * sic. [4] Substituted for "or subject to the supervision of the Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [5] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f a date yet to be notified. [6] Every application under clause (b) of sub-section (7) of section 555 shall be accompanied by ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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