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Liquidator in pvt. ltd.

CS Jaisal Mohatta (Company Secretary) (136 Points)

19 December 2012

whether liquidator appointment is necessary in case of winding of Pvt. Ltd.,

If so, then what will the procedure?

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5 Replies

Tanveer Md Masood (Indispensable) (361 Points)
Replied 19 December 2012

Dear mohatta,

Appointment of liquidator is necessary when the public limited company is being would up - in any case whether it is private or public ltd. company appointment of liquidator is necessary since he is the one who applies to the court and takes careof other nitty britties of the insolvency and liquidation process.

Regards

Tanveer Md Masood

Jeevesh Mehta (Advocate- Corporate Commercial & Indirect Tax Advisory) (861 Points)
Replied 19 December 2012

SIr,

The appointment of the Official Liquidator can be made under the provisions of sec 448 of the copanies act.

Further, by virtue of sec 446, all the proceedings whether pending or fresh are stayed until approval from the company court.

CA MANISH AGRAWAL (Practice) (539 Points)
Replied 19 December 2012

liquidators is compulsaory for ant liquidation of company.

CS Jaisal Mohatta (Company Secretary) (136 Points)
Replied 21 December 2012

I have Client who wants to wind up the his Company. There are total 3 Directors in that Company with equal share. The 3rd Director has done a fraud with Company bank A/c and operated without the consent of other Director. My Question is that this Company can be wind with the two Directors.

Jeevesh Mehta (Advocate- Corporate Commercial & Indirect Tax Advisory) (861 Points)
Replied 21 December 2012

Hi,

There are different aspects of the company liquidation i.e voluntary winding up or creditors/ complusary winding up through court.

In you case has the other two directors taken any action against the third defalting director? Any complaint before police or proceedings for diqualification of director before the company law board for oppression and mismanagement or for fraud etc?

Regards