Section 226: Voluntary winding up of company, etc., not to stop investigation proceedings
This section is for ensuring that investigations into a company can continue even if the company is being wound up.
The section, clause by clause
What the section says
In plain terms
An investigation under this Chapter may be initiated notwithstanding, and no such investigation shall be stopped or suspended by reason only of, the fact that—
(a)an application has been made under section 241;
(b)the company has passed a special resolution for voluntary winding up; or
(c)any other proceeding for the winding up of the company is pending before the Tribunal:
provisoProvided that where a winding up order is passed by the Tribunal in a proceeding referred to in clause (c), the inspector shall inform the Tribunal about the pendency of the investigation proceedings before him and the Tribunal shall pass such order as it may deem fit:
provisoProvided further that nothing in the winding up order shall absolve any director or other employee of the company from participating in the proceedings before the inspector or any liability as a result of the finding by the inspector.
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.