Section 481 - Dissolution of company. - Companies Act, 1956

Dissolution of company. 481. (1) When the affairs of a company have been completely wound-up [1] [or when the [2] [Tribunal] is of the opinion that the liquidator cannot proceed with the winding up of a company for want of funds and assets or for any other reason whatsoever and it is just and reasonable in the circumstances of the case that an order of dissolution of the company should be made], the [3] [Tribunal] shall make an order that the company be dissolved from the date of the order, and the company shall be dissolved accordingly. (2) A copy of the order shall; within [4] [thirty] days from the date thereof, be forwarded by the liquidator to the Registrar who shall make in his books a minute of the dissolution of the company. (3) If the liquidator makes default in forwarding a copy as aforesaid, he shall be punishable with fine which may extend to [5] [five hundred rupees] for every day during which the default continues. --------------------------------------- Notes:- [1] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 177. [2] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [3] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [4] Substituted by the Companies (Amendment) Act, 1965, Act 31 of 1965, section 62 and Schedule for "fourteen" w.e.f. 15-10-1965. [5] Substituted for "fifty rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000.