294. Audit of Company Liquidator’s accounts
(1) The Company Liquidator shall maintain proper and regular books of account
including accounts of receipts and payments made by him in such form and manner as may
be prescribed.
(2) The Company Liquidator shall, at such times as may be prescribed but not less than
twice in each year during his tenure of office, present to the Tribunal an account of the
receipts and payments as such liquidator in the prescribed form in duplicate, which shall be
verified by a declaration in such form and manner as may be prescribed.
(3) The Tribunal shall cause the accounts to be audited in such manner as it thinks fit,
and for the purpose of the audit, the Company Liquidator shall furnish to the Tribunal with
such vouchers and information as the Tribunal may require, and the Tribunal may, at any
time, require the production of, and inspect, any books of account kept by the Company
Liquidator.
(4) When the accounts of the company have been audited, one copy thereof shall be
filed by the Company Liquidator with the Tribunal, and the other copy shall be delivered to
the Registrar which shall be open to inspection by any creditor, contributory or person
interested.
(5) Where an account referred to in sub-section (4) relates to a Government company,
the Company Liquidator shall forward a copy thereof—
(a) to the Central Government, if that Government is a member of the Government
company; or
(b) to any State Government, if that Government is a member of the Government
company; or
(c) to the Central Government and any State Government, if both the Governments
are members of the Government company.
(6) The Company Liquidator shall cause the accounts when audited, or a summary
thereof, to be printed, and shall send a printed copy of the accounts or summary thereof by
post to every creditor and every contributory:
Provided that the Tribunal may dispense with the compliance of the provisions of this
sub-section in any case it deems fit.