Section 643 - Power of Central Government to make rules relating to winding up. - Companies Act, 1956

Power of Central Government to make rules relating to winding up. [643. [1] (1) The Central Government shall, make rules consistent with the Code of Civil Procedure, 1908 (5 of 1908), providing for all matters relating to the winding up of companies, which by this Act, are to be prescribed, and may make rules providing for all such matters, as may be prescribed. (2) In particular, and without prejudice to the generality of the forgoing power, such rule may provide for all or any of the following matters, namely: ____ (i) as to the mode of proceedings to be held for winding up a company by the Tribunal; (ii) for the voluntary winding up of companies, whether by members or by creditors; (iii) for the holding of meetings of creditors and members in connection with proceedings under section 391; (iv) for giving effect to the provisions of this Act as to the reduction of the capital; (v) generally for all applications to be made to the Tribunal under the provisions of this Act; (vi) the holding and conducting of meetings to ascertain the wishes of creditors and contributories; (vii) the settling of lists of contributories and the rectifying of the register of members where required, and collecting and applying the assets; (viii) the payment, delivery, conveyance, surrender or transfer of money, property, books or papers to the liquidator; (ix) the making of calls; and (x) the fixing of a time within which debts and claims shall be proved. (3) All rules made by the Supreme Court on the matters referred to in this section as it stood immediately before the commencement of the Companies (Second Amendment) Act, 2002, and in force at such commencement, shall continue to be in force, in so far as they are not inconsistent with the provisions of this Act, till such time the rules are made by the Central Government and any reference to the High Court in relation to winding up of a company in such rules shall be construed as a reference to the Tribunal.] ------------------------------------------- Notes:- [1] Substituted by the Companies (Second Amendment) Act, 2002, w.e.f a date yet to be notified. Prior to its substitution, section 643, as amended by the Companies (Amendment) Act, 1960, Act, 65 of 1960, for the following: "643. Power of Supreme Court to make rules. (1) The Supreme Court, after consulting the High Courts, ___ (a) shall make rules providing for all matters relating to the winding up of companies which, by this Act, are to be prescribed, and may make rules providing for all such matters as may be prescribed, except those reserved to the Central Government by sub-section (5) of section 503, [1] [sub-section (3) of section 550, section 552 and sub-section (3) of section 555]; and (b) may make rules consistent with the Code of Civil Procedure, 1908 (5 of 1908) ___ (i) as to the mode of proceedings to be had for winding up a company in High Courts and in Courts subordinate thereto; (ii) for the voluntary winding up of companies, whether by members or by creditors; (iii) for the holding of meetings of creditors and members in connection with proceedings under section 391; (iv) for giving effect to the provisions of this Act as to the reduction of the capital [2] [* * *]; and (v) generally for all applications to be made to the Court under the provisions of this Act. (2) Without prejudice to the generality of the foregoing power, the Supreme Court may, by such rules, enable or require all or any of the powers and duties conferred and imposed on the Court by this Act, in respect of the following matters, that is to say, ____ (a) the holding and conducting of meetings to ascertain the wishes of creditors and contributories; (b) the settling of lists of contributories and the rectifying of the register of members where required, and collecting and applying the assets; (c) the payment, delivery, conveyance, surrender or transfer of money, property, books or papers to the liquidator; (d) the making of calls; and (e) the fixing of a time within which debts and claims shall be proved; to be exercised or performed by the Official Liquidator or any other liquidator as an officer of the Court, and subject to the control of the Court: Provided that the liquidator shall not, without the special leave of the Court, rectify the register of members or make any call. (3) Until rules are made by the Supreme Court as aforesaid, all rules made by any High Court on the matters referred to in this section and in force at the commencement of this Act, shall continue to be in force in so far as they are not inconsistent with the provisions of this Act in that High Court and in courts subordinate thereto. [3] [(4) All rules made by the Central Government under sub-section (1) of section 549 and in force immediately before the commencement of the Companies (Amendment) Act, 1960 (65 of 1960) shall continue in force and be deemed to have been made by the Supreme Court unless and until they are superseded by rules made by the Supreme Court after such commencement." --------------------------------------- Notes:- 1. Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 212, for certain words. 2. The words "and the sub-division of the shares of a company" omitted by the Companies (Amendment) Act, 1960,Act 65 of 1960, section 212. 3. Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 212.