Section 515 - Power of Tribunal to appoint and remove liquidator in voluntary winding up. - Companies Act, 1956

Power of Tribunal to appoint and remove liquidator in voluntary winding up. [1] [515. (1) If from any cause whatever, there is no liquidator acting, the Tribunal may appoint the Official Liquidator or any other person as a liquidator. (2) The Tribunal may, on cause shown, remove a liquidator and appoint the Official Liquidator or any other person as a liquidator in place of the removed liquidator. (3) The Tribunal may also appoint or remove a liquidator on the application made by the Registrar in this behalf. (4) If the Official Liquidator is appointed as liquidator under the proviso to sub-section (2) of section 502 or under this section, the remuneration to be paid to him shall be fixed by the Tribunal and shall be credited to the Central Government.] -------------------------------------------- Notes:- [1] Substituted by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. Prior to its substitution, section 515, as amended by the Companies (Amendment) Act, 1960, Act, 65 of 1960, read as under for the following: "515. Power of Court to appoint and remove liquidator in voluntary winding up. (1) If from any cause whatever, there is no liquidator acting, 1 [the Court may appoint the Official Liquidator or any other person as a liquidator]. 2 [(2) The Court may, on cause shown, remove a liquidator and appoint the Official Liquidator or any other person as a liquidator in place of the removed liquidator. (3) The Court may also appoint or remove a liquidator on the application made by the Registrar in this behalf. (4) If the Official Liquidator is appointed as liquidator under the proviso to sub-section (2) of section 502 or under this section, the remuneration to be paid to him shall be fixed by the Court and shall be credited to the Central Government.]" ------------------------------------ Notes:- 1 Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 180, for "the Court may appoint a liquidator". 2 Substituted by the Companies (Amendment) Act, 1960, Act, 65 of 1960, section 180 for sub-section (2).