Companies Act, 1956

Section - 550 - Disposal of books and papers of company

Disposal of books and papers of company.

550. (1) When the affairs of a company have been completely wound up and it is about to be dissolved, its books and papers and those of the liquidator may be disposed of as follows, that is to say :—

      [(a)  in the case of winding up by the Tribunal, in such manner as the Tribunal directs;]

         (b)  in the case of a members’ voluntary winding up, in such manner as the company by special resolution directs; and

          (c)  in the case of a creditors’ voluntary winding up, in such manner as the committee of inspection or, if there is no such committee, as the creditors of the company may direct.

(2) After the expiry of five years from the dissolution of the company, no responsibility shall rest on the company, the liquidator, or any person to whom the custody of the books and papers has been committed, by reason of a .... To read the full section download the app from Google Play store