347. Disposal of books and papers of company
(1) When the affairs of a company have been completely wound up and it is about
to be dissolved, its books and papers and those of the Company Liquidator may be disposed
of as follows:—
(a) in the case of winding up by the Tribunal, in such manner as the Tribunal
directs; and
(b) in the case of voluntary winding up, in such manner as the company by
special resolution with the prior approval of the creditors direct.
(2) After the expiry of five years from the dissolution of the company, no responsibility
shall devolve on the company, the Company Liquidator, or any person to whom the custody
of the books and papers has been entrusted, by reason of any book or paper not being
forthcoming to any person claiming to be interested therein.
(3) The Central Government may, by rules,—
(a) prevent for such period as it thinks proper the destruction of the books and
papers of a company which has been wound up and of its Company Liquidator;
and
(b) enable any creditor or contributory of the company to make representations
to the Central Government in respect of the matters specified in clause (a) and to
appeal to the Tribunal from any order which may be made by the Central Government
in the matter.
(4) If any person acts in contravention of any rule framed or an order made under
sub-section (3), he shall be punishable with imprisonment for a term which may extend to six
months or with fine which may extend to fifty thousand rupees, or with both.