The substance to directions by the board, if any considered in this, the company fiduciary shall have the control:
To manage the company and their business is mandatory for the useful winding up of the company.
To do entire performs to execute in the company name, all deeds, documents and receipts and for that reason to use the company’s seal is necessary.
To sell the private property and real property and actionable cases of the company by private agreements or public auction have manage to transfer such property to any person.
To sell the all of the company undertaking as a going firm.
To increase any money is essential on the security of the companies assets.
To organize or secure any suit, prosecution or other legal continuous, civil or the name of the criminal.
To request and solve creditor’s demands, employees or any other applicant and issue sale proceeds in concord with preferences started under this act.
To examine the companies records and returns are managed by the registry or any other authority.
To proceed, make, accept and endorse any valid instruments containing, cheque, promissory note, bill of exchange of their term and hundi on their company, within the same impact with respect to the responsibility of the company.
To take out, in his valid name, letters of management to any deceased subscribe, and to do his valid name any other act is mandatory for getting amount of any capital due from a subscriber or his property which is not suitably done in the company name.
To get any professional help from any person or choose any professional, in dismiss of his jobs, duties and responsibilities and for protection the capital of the company, choose an agent, he must to do any business which the company fiduciary is unable to do himself.
To obtain all such steps, actions or to sign, perform and verify and paper, bond, document, instrument, petition, application, deed or affidavit as may be required:
- For company winding-up
- For allocation of capitals
- In remove of his deeds and duties and roles as company liquidator.
- The tribunal register such orders or directions as may be need for the company winding up.
Under sub-section (1) is exercise the powers by the company liquidator, shall be subject to the total control of the board.
Legislative Clause
This section relatives to section 457 of the companies act 1956 and apply to provide the powers performance by the company liquidator. The power to manage the registration company sell the movable and immovable property of the company which have proper registration.
Comparative analysis
A successive new power to company liquidator subject to charges of board has been provided:
To call and clarify the creditors claim, employees or any other shares and allocate sale proceeds in conformance with preferences started under this act.
To get any professional helps from any person, in performance of his needs, duties and obligations and for company safeness. You must choose an representative to perform any business which the company fiduciary is unable to do himself.
To gain all such actions, to sign, steps, execute and confirm any paper, documents, deed, may be need in execution of his duties and obligations.
To handle to the board for such directions or orders as may be mandatory of any company is winding-up.
Now all the company authorities are matter to the directions of the board, if any, under the companies act 1956. Hence no certification is compulsory of the board in the following control of the board:
The whole functions perform the company name, receipts, all deeds, and different documents for necessary to use.
To examine the company records and returns of the company on the files of the ROC without payment of any fee.
To show, rank and aver in the failure of any tributary for any balance against his property and to get profits in the failure in respect of that balance.
To response in his certified name, letters of regulation to perform in his verified name any other act is compulsory for getting payments.
Following duties/powers of receiver assigned under the companies act 1956 fails to find their place under the act.
To select a liaison to perform any kind of business which the receiver is not to do any works. To do any other related works as may be mandatory for providing the company assets.
To choose security guards to keep the property of the company taken into his responsibility. The company must be registered in the ROC office located in Chennai and Coimbatore.
To provide an advertisement, receiving bids for auction of the company assets within 15 days of obtaining valuation report. It is received from the valuer, chartered surveyors or chartered accountants.
