According to Section 462 (1) of the Companies Act, 1956 read with Rule 298 of the Companies (Court) Rules, the Official Liquidator is required to file the accounts of Mis. Imprudent Engineering Company Ltd. with the Court, twice a year, one made up to 31?t March and the second up to 30th September, within 3 months of closing the accounts. The accounts should be drawn up in Form No. 144 of the Rules. Further, according to Rule 302, the accounts should be audited by a Chartered Accountant appointed by the Court or if the Court so directs by the Examiner of the Local Fund Accounts of the State concerned. A copy of the accounts so filed by the Official Liquidator with the Court is open to inspection by any creditor, contributory or any
person interested. .
Where the winding-up is not concluded within one year after commencement, the Official Liquidator is required within 2 months after the expiry of the year and thereafter until the winding-up is concluded, once every year to file his statement in the prescribed Form No. 148 (Rule 311) in Court. A copy thereof shall also be filed with the Registrar (Rule 511).
P. 5. Reckless Constructions Ltd. has gone into liquidation because of the inability of the company to pay its debts. During the course of winding up a proposal was put forward by the previous management to revive the working of the company through a scheme of arrangement between the company and its creditors. As per the Scheme, all the creditors have to forego fifty per cent of their dues. Some of the creditors and shareholders have vioced their opposition to the said Scheme. The company approaches you for advice. Discuss the steps that have to be taken by the company in
this regard. fC.A. (Final) May, 2001J
‘.9l.ns. As per the provisions contained in Section 517 of the Companies Act, 1956 M/ s. Reckless Constructions Ltd.
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