Section 351: Liquidator not to deposit monies into private banking account
This section prevents liquidators from depositing company money into their personal bank accounts.
The section, clause by clause
What the section says
In plain terms
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.
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 29 of 2020, s. 50, for sub-section (6) (w.e.f. 21-12-2020).
- 2. Sub-section (7) omitted by Act 29 of 2020, s. 50 (w.e.f. 21-12-2020).
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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.