Section 350 Company Liquidator to deposit monies into scheduled bank – Companies Act 2013

Amended and updated notes on section 350 of Companies Act 2013. Provisions and rules related to company Liquidator to deposit monies into scheduled bank.

Amended and updated notes on section 350 of Companies Act 2013. Detail discussion on provisions and rules related to company Liquidator to deposit monies into scheduled bank.

Chapter XX (Section 270365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 350 of CA 2013 provides for company Liquidator to deposit monies into scheduled bank.

Recently, we have discussed in detail section 349 (Official Liquidator to make payments into public account of India) of CA 2013. Today, we learn the provisions of section 350 of the Companies Act 2013.

The provisions of section 350 are effective from 15th December, 2016. You may refer Notification No. S.O. 3677(E) issued dated 7-12-2016. In this article, you will learn detail of the provisions of section 350 the Companies Act 2013.

Name of ActThe Companies Act 2013
Enacted byParliament of India
Administered byMinistry of Corporate Affairs (MCA)
Number of Chapters29
Number of Sections484 (470-43+57)
Number of Schedules7
You are reading:
Chapter No.XX
Chapter NameWinding Up
Section No.350
Section NameCompany Liquidator to deposit monies into scheduled bank
Monthly Updated EditionCompany Law PDF

Section 350 of Companies Act 2013: Company Liquidator to deposit monies into scheduled bank

Section 350 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.

(1) Every Company Liquidator of a company shall, in such manner and at such times as may be prescribed, deposit the monies received by him in his capacity as such in a scheduled bank to the credit of a special bank account opened by him in that behalf:

Provided that if the Tribunal considers that it is advantageous for the creditors or contributories or the company, it may permit the account to be opened in such other bank specified by it.

(2) If any Company Liquidator at any time retains for more than ten days a sum exceeding five thousand rupees or such other amount as the Tribunal may, on the application of the Company Liquidator, authorise him to retain, then, unless he explains the retention to the satisfaction of the Tribunal, he shall—

  • (a) pay interest on the amount so retained in excess, at the rate of twelve per cent per annum and also pay such penalty as may be determined by the Tribunal;
  • (b) be liable to pay any expenses occasioned by reason of his default; and
  • (c) also be liable to have all or such part of his remuneration, as the Tribunal may consider just and proper, disallowed, or may also be removed from his office.


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