Winding up of an unregistered companies
Subject to the condition of this section, any unregistered company may be wound up of this clause, in such manner as may be imposed. The whole conditions of this section with respect to winding up shall assign to an unregistered company with the exclusions and additions specified in sub-sections 2 and 4.
Under this act no unregistered company shall be wound up.
An unregistered company may be sore up with the following conditions namely:
• If the company is ceased or has terminated to handle on business or is covering only on business for the reason of its concern.
• The company is impotent to give its debts.
• If the board have an idea which is just good that the company should be wound up.
An unregistered company shall considered to be impotent to pay its debts:
If a person, by charge or otherwise, to whom the company is thankful in a total is exceeding 1 lakh rupees then payable has performed on the company, by assigning at its major place of business or by providing to the director or secretary, company principal officer or manager or by doing in such way as the board may validate or direct, an request under his hand needing the company to offer the total is payable. The company has three weeks after the demand of service, omitted to pay the total or to reliable or meld for it to the fulfillment of the person.
If any case or other legal cases has been started against any member for any debt or claimed to be payable, request to pay, from the company or from him in his status as a member and information in writing of the organization of the case or other legal proceeding having been performed on the company by causing the same at its important place of business or by offering it to the director, director or secretary, company principal officer or manager or performing the same in such way as the board may direct or assign, the company has not, within 10 days after the service notice may:
- Compounded or secured, paid for the demand or debt.
- Get the legal action or other legal cases to be remained.
- Indemnified the suspect to his satisfaction against the case or other legal proceeding and against any member or the company thereof as such or any person approved to be request as nominal suspect on behalf of the company is announced in total or in section.
If it is otherwise verified to the fulfillment of the board which the company is unable to pay its liabilities.
For the reasons of this clause, the statement of unregistered company shall not contains:
- A railway company registered under Indian law or act of parliament or any act of parliament of the UK.
- A company registration may take place in Coimbatore, Salem and Madurai.
- Company registration may takes under any previous company’s law and not being a company registration office in Coimbatore, Aden, Burma quickly.
Save as same, shall contain any partnership firm, limited liability partnership (LLP) or co-operative society, association or company containing more than 7 members at the moment when the request is for winding up the limited liability partnership (LLP), partnership firm or co-operative society, association or company may be is offered before the board.