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TMI BlogWinding up of unregistered companies.X X X X Extracts X X X X X X X X Extracts X X X X ..... ons and additions mentioned in sub-sections [1][(3)] to (5). [2][(2) * * *] (3) No unregistered company shall be wound-up under this Act voluntarily [3][by the Tribunal]. (4) The circumstances in which an unregistered company may be wound-up are as follows: (a) if the company is dissolved, or has ceased to carry on business, or is carrying on business only for the purpose of winding up its af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e demand, neglected to pay the sum or to secure or compound for it to the satisfaction of the creditor; (b) if any suit or other legal proceeding has been instituted against any member for any debt or demand due, or claimed to be due, from the company, or from him in his character of member, and notice in writing of the institution of the suit or other legal proceeding having been served on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ber thereof as such, or any person authorised to be sued as nominal defendant on behalf of the company, is returned unsatisfied in whole or in part; (d) if it is otherwise proved to the satisfaction of the [10][Tribunal] that the company is unable to pay its debts. -------------------------------------- Notes:- [1] Substituted for "(2)" by the Companies (Second Amendment) Act, 2002, w.e.f. a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 2002, w.e.f. a date yet to be notified. [4] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [5] Omitted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000, as provisions relating to managing agents, secretaries and treasures" had become redundant after abolition of system by Act 17 of 1969. [6] Substituted for "Court" by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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