Amended and updated notes on section 351 of Companies Act 2013. Detail discussion on provisions and rules related to liquidator not to deposit monies into private banking account.
Chapter XX (Section 270–365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 351 of CA 2013 provides for liquidator not to deposit monies into private banking account.
Recently, we have discussed in detail section 350 (Company Liquidator to deposit monies into scheduled bank) of CA 2013. Today, we learn the provisions of section 351 of the Companies Act 2013.
The provisions of section 351 are effective from 15th December, 2016. You may refer Notification No. S.O. 3677(E) issued dated 7-12-2016. In this article, you will learn detail of the provisions of section 351 the Companies Act 2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XX |
| Chapter Name | Winding Up |
| Section No. | 351 |
| Section Name | Liquidator not to deposit monies into private banking account |
| Monthly Updated Edition | Company Law PDF |
Section 351 of Companies Act 2013: Liquidator not to deposit monies into private banking account
Section 351 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
Neither the Official Liquidator nor the Company Liquidator of a company shall deposit any monies received by him in his capacity as such into any private banking account.