Section - 538 - Companies Act, 1956

Section - 538 - Offences by officers of companies in liquidation

Offences antecedent to or in course of winding up

Offences by officers of companies in liquidation.

538. (1) If any person, being a past or present officer of a company which, at the time of the commission of the alleged offence, is being wound up, whether by

[the Tribunal] or voluntarily, or which is subsequently ordered to be wound up by the

[Tribunal] or which subsequently passes a resolution for voluntary winding up,—

(a) does not, to the best of his knowledge and belief, fully and truly discover to the liquidator all the property, movable and immovable, of the company, and how and to whom and for what consideration and when the company disposed of any part thereof, except such part as has been disposed of in the ordinary course of the business of the company;

(b) does not deliver up to the liquida .... To read the full section download the app from Google Play store