Section 346: Inspection of books and papers by creditors and contributories
This section allows creditors and contributories to inspect a company's books and papers after a winding-up order, while also preserving the inspection rights of governments and their authorities under other laws.
The section, clause by clause
What the section says
In plain terms
(1)At any time after the making of an order for the winding up of a company by the Tribunal, any creditor or contributory of the company may inspect the books and papers of the company only in accordance with, and subject to such rules as may be prescribed.
After a winding-up order is made, a company's creditors and contributories can inspect the company's books and papers in accordance with prescribed rules.
(2)Nothing contained in sub-section (1) shall exclude or restrict any rights conferred by any law for the time being in force—
The rules for inspecting books and papers do not limit the rights of the Central Government, a State Government, or their authorities and officers to inspect them under other laws.
(2)(a)on the Central Government or a State Government;
(2)(b)on any authority or officer thereof; or
(2)(c)on any person acting under the authority of any such Government or of any such authority or officer.
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.
Amendment notes
- 1. Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for sub-section (1) (w.e.f. 15-11-2016).
- 2. The words “with imprisonment for a term which may extend to six months or” omitted by Act 29 of 2020, s. 49 (w.e.f. 21-12- 2020).
- 3. Subs. by s. 49, ibid., for “fifty thousand rupees, or with both” (w.e.f. 21-12-2020).
- 4. Subs. by s. 255 and the Eleventh Schedule, ibid., for sub-section (1) (w.e.f. 15-11-2016).
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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.