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closure of compa

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(Querist)
17 February 2010 What is the proceedure under the Companies Act,1956 for closure of state PSU. which is the best and and the shortest. Kindly mention section with proceedure. To reiterate, closure of state govertment undertakings.
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Rasesh

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Rasesh (Expert)
17 February 2010 State government undertakings are formed under state acts and should have a seperate set of provisions for their winding up / dissolution.

If they are not formed under any special act, then the winding up can be done under Section 560 or Part VII - winding up provisions of the Act.
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