274. Directions for filing statement of affairs
(1) Where a petition for winding up is filed before the Tribunal by any person
other than the company, the Tribunal shall, if satisfied that a prima facie case for winding up
of the company is made out, by an order direct the company to file its objections along with
a statement of its affairs within thirty days of the order in such form and in such manner as
may be prescribed:
Provided that the Tribunal may allow a further period of thirty days in a situation of
contingency or special circumstances:
Provided further that the Tribunal may direct the petitioner to deposit such security for
costs as it may consider reasonable as a precondition to issue directions to the company.
(2) A company, which fails to file the statement of affairs as referred to in
sub-section (1), shall forfeit the right to oppose the petition and such directors and officers
of the company as found responsible for such non-compliance, shall be liable for punishment
under sub-section (4).
(3) The directors and other officers of the company, in respect of which an order for
winding up is passed by the Tribunal under clause (d) of sub-section (1) of section 273,
shall, within a period of thirty days of such order, submit, at the cost of the company, the
books of account of the company completed and audited up to the date of the order, to such
liquidator and in the manner specified by the Tribunal.
(4) If any director or officer of the company contravenes the provisions of this section,
the director or the officer of the company who is in default shall be punishable with
imprisonment for a term which may extend to six months or with fine which shall not be less
than twenty-five thousand rupees but which may extend to five lakh rupees, or with both.
(5) The complaint may be filed in this behalf before the Special Court by Registrar,
provisional liquidator, Company Liquidator or any person authorised by the Tribunal.