Section 531A - Avoidance of voluntary transfer. - Companies Act, 1956

Avoidance of voluntary transfer. [1] [531A. Any transfer of property, movable or immovable, or any delivery of goods, made by a company, not being a transfer or delivery made in the ordinary course of its business or in favour of a purchaser or encumbrancer in good faith and for valuable consideration, if made within a period of one year before the presentation of a petition for winding up by [2] [the Tribunal] or the passing of a resolution for voluntary winding up of the company, shall be void against the liquidator.] ----------------------------------- Notes:- [1] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 185. [2] Substituted for "or subject to the supervision of the Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified.