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Corrigendum to General Circular No. 54/2011.
« on: September 24, 2011, 06:49:15 PM »
Quote
GENERAL CIRCULAR NO. 58/2011

F. No. 35/6/2011/Insolvency
Government of India
Ministry of Corporate Affairs


5th Floor, ‘A’ Wing, Shastri Bhavan, Dr. R.P. Road, New Delhi-110001
Dated 1st August, 2011


To
All Regional Directors
All ROCs
All Official Liquidators


Subject: Corrigendum to General Circular No. 54/2011.
***


In view of the representations from professional Institutes, it has been decided to amend Para (c) the Circular No. 54/2011 dated 26th July, 2011. Para (c) of the said Circular may be read as under:



(c)   “In each case the OL will file an application praying to the Court to direct   the   management   of   the   company   to   submit   following information  duly  verified  by  a  Chartered  Accountant/a   Company Secretary/a Cost Accountant in practice:-“



2.   All other clauses of the said Circular remain unaltered.


(Jaikant Singh) Director
 
GENERAL CIRCULAR NO. 54/2011

F. No. 35/6/2011/Insolvency
Government of India
Ministry of Corporate Affairs


5th Floor, ‘A’ Wing, Shastri Bhavan, Dr. R.P. Road, New Delhi-110001
Dated 26th July 2011


To
All Regional Directors
All ROCs
All Official Liquidators


Subject: Pro-active action in case of winding up petitions.


It has been noticed that winding up petitions are filed by creditors, stake holders  and  management  before  Hon’ble  High  courts   without  providing  full information.  This leads to waste of valuable time of Hon’ble Court and also delays completion of winding up process as well.   In order to speed up the winding up process and to introduce best international practices the winding up process, following actions will be taken by concerned OL:-


(a)   OLs shall post one of the staff members to the Company Court to keep track of all cases where applications have been filed for winding up, but orders for winding up are yet to be issued by the Court.


(b)   For all cases pending till date and in future as well, information shall be obtained by OL from “institution register” maintained in High Court and action as below must be taken in all cases.


(c)   In each case the OL will file an application praying to the Court to direct   the   management   of   the   company   to   submit   following information duly verified by a chartered accountant:-


(i)   The current addresses of the Directors, Company Secretary and Statutory Auditor of the company;
 
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(ii)   Location and physical details of each immovable asset of the company along with its current valuation;


(iii)   The  details  of  all  the  debtors  and  creditors  with  their complete addresses and occupations;


(iv)   The details of each movable asset of the company along with value;


(v)   The   details   of   workmen/employees   and   any   amount outstanding to them;


(vi)   The details of all movable and immovable assets held in the personal names of director by providing its location, value, dates of acquisition and nature of right, title and interest therein;


(vii)   Copies  of  last  three  years  audited  balance  sheet  of  the company; and


(viii)   The  details  of  location  of  the  registered  office  of  the company.


(d)   RDs will ensure that in all pending cases, the applications are moved by OL before the Court before the next date of hearing and in all new cases, these are filed before the Hon’ble Court before the second hearing of the case.


(e)   RDs will ensure that a standard draft is prepared by them after taking legal advice and the same is used in all cases by OLs.





(Jaikant Singh) Director



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Corrigendum to General Circular No. 54/2011.
« on: September 24, 2011, 06:49:15 PM »

 
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