Company Secretaries to verify Company Information in Winding up Cases

The Ministry of Corporate Affairs under General Circular no. 54/2011 dated 26th July 2011 had, as a pro-active action in case of winding up petitions provided that in each case of winding up process the Official Liquidator will file an application praying to the Court to direct the management of the company to submit prescribed information duly verified by a chartered accountant.

A representation was made by the Institute to authorise Company Secretary in Practice to verify information prescribed in that circular.

We are pleased to inform that the Ministry of Corporate Affairs vide its General Circular No. 58/2011 dated 01.08.2011 has now modified clause (c) of General Circular no. 54/2011 dated 26.07.2011 providing that in each case the Official Liquidator will file an application praying to the Court to direct the management of the company to submit following information duly verified by a Company Secretary in Practice besides other professionals:

  • Current addresses of the Directors, Company Secretary and Statutory Auditor of the company;
  • Location and physical details of each immovable asset of the company along with its current valuation;
  • Details of all the debtors and creditors with their complete addresses and occupations;
  • Details of each movable asset of the company along with value;
  • Details of workmen/employees and any amount outstanding to them;
  • 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;
  • Copies of last three years audited balance sheet of the company;
  • Details of location of the registered office of the company.

A copy of the MCA Circular No. 58/2011 dated 01.08.2011 may be downloaded at the link:

Corrigendum to General Circular No. 54/2011

Regards,

CS N K Jain

Secretary & CEO

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