• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

New Delhi, Sept. 10 To bring greater efficiency in the functioning of the official liquidators (OLs), the Ministry of Corporate Affairs has launched a new Web site named www.companyliquidator.gov., an official release said.

This Web site would provide information about the offices of liquidators placed with various High Courts and the respective Court jurisdictions for winding up and dissolution of companies.

Besides, it would also provide information about sale and auction notices issued by OLs with regard to properties and assets of companies under liquidation and ordered to be sold, the release said.

The text of the Company Court Rules and the Forms applicable in the process of liquidation would also be available on the Web site, it said. The process of winding up and liquidation of companies takes place under the Companies Act, 1956 under the supervision of the Courts.

Earlier, through the Companies (Second Amendment) Act, 2002, the establishment of National Company Law Tribunal and the National Company Law Appellate Tribunal was envisaged to enable disposal of liquidation processes expeditiously through adjudication of disciplinary forum. However, due to a legal challenge, this Amendment, though enacted, could not be notified. The matter is under the consideration of the Supreme Court where it has been referred to a Constitution Bench.

In the meantime, the Ministry has taken up efforts to enable the process of liquidation to take place in an efficient, expeditious and transparent manner within the existing framework of the Companies Act, 1956. To this end, the Ministry has also undertaken separate initiatives to improve the management of records and the accounting procedures to be applied by OLs in connection with the winding up process.

Proposals have also been made as a part of the exercise taken up by the Ministry for comprehensive revision of the Companies Act, 1956 to modernise the legal framework for liquidation and winding up and to bring it at par with the best international practices. The Companies Bill, 2008 is to be introduced in the forthcoming session of Parliament.

More Stories on : Internet | Courts/Legal Issues | Regulatory Bodies & Rulings

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line