search this site - type your query and submit

Daily Email Newsletter (Sign-up Free)

Sec 347 Companies Act 2013: Disposal of Books & Papers of Company

SECTION-347 (Disposal of books and papers of company) under CHAPTER-XX (Winding Up) of the Companies Act, 2013

(1) When the affairs of a company have been completely wound up and it is about to be dissolved, the books and papers of such company and those of the Company  Liquidator may be disposed of in such manner as the Tribunal directs.
(2) After the expiry of five years from the dissolution of the company, no responsibility shall devolve on the company, the Company Liquidator, or any person to whom the custody of the books and papers has been entrusted, by reason of any book or paper not being forthcoming to any person claiming to be interested therein.

(3) The Central Government may, by rules,—

 (a) prevent for such period as it thinks proper the destruction of the books and papers of a company which has been wound up and of its Company Liquidator; and

 (b) enable any creditor or contributory of the company to make representations to the Central Government in respect of the matters specified in clause (a) and to appeal to the Tribunal from any order which may be made by the Central Government in the matter.

(4) If any person acts in contravention of any rule framed or an order made under sub-section (3), he shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to fifty thousand rupees, or with both.




Extra Notes for Readers

(1) The Companies Act, 2013 received the assent of the President on the 29th August, 2013 (Published in the Gazette of India, Extraordinary, Part II - Section 1 by Ministry of Law and Justice, Legislative Department on 30th August, 2013).


(2) Section 347 of the Companies Act 2013 was notified by MCA Notification S.O. 3677(E) dated 7th December 2016 (w.e.f. 15th December 2016).


(3) Sub-section (1) of Section 347 of the Companies Act 2013 was substituted in accordance with the section 255 of the Insolvency and Bankruptcy Code, 2016.

MCA has notified section 255 of the Insolvency and Bankruptcy Code, 2016 vide notification no. S.O. 3453(E) dated 15th November 2016 (w.e.f. 15th November 2016).





This page was last updated on 27th May, 2017.

No comments:

Post a Comment

In comment with "Name/Url" option, only Name is mandatory to be filled.