Section 347 Disposal of books and papers of company
- Chapter
- XX · Winding Up
- Amendments
- 3
- Last changed
- 21 December 2020
347. Disposal of books and papers of company.—
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "sub-section (1)"(1) When the affairs of a company have been completely wound up and it is about to be dissolved, the books and papers of such company and those of the Company Liquidator may be disposed of in such manner as the Tribunal directs.
(2) After the expiry of five years from the dissolution of the company, no responsibility shall devolve on the company, the Company Liquidator, or any person to whom the custody of the books and papers has been entrusted, by reason of any book or paper not being forthcoming to any person claiming to be interested therein.
(3) The Central Government may, by rules,—
(a) prevent for such period as it thinks proper the destruction of the books and papers of a company which has been wound up and of its Company Liquidator; and
(b) enable any creditor or contributory of the company to make representations to the Central Government in respect of the matters specified in clause (a) and to appeal to the Tribunal from any order which may be made by the Central Government in the matter.
(4) If any person acts in contravention of any rule framed or an order made under sub-section (3), he shall be punishable Text omitted by amendmentThe words “with imprisonment for a term which may extend to six months or” omitted by Companies (Amendment) Act, 2020, s. 49. Earlier read: "a term which may extend to six months or” omitted by Act 29 of 2020, s. 49" with fine which may extend to Substituted by Companies (Amendment) Act, 2020, s. 49, with effect from 21 December 2020. Earlier read: "fifty thousand rupees, or with both"fifty thousand rupees.