Thursday, May 02, 2019

Dibrugarh University B.Com 4th Sem: Company Law Solved Paper (May' 2017)


2017 (May)
The figures in the margin indicate full marks for the questions
(NEW COURSE)
Full Marks: 80
Pass Marks: 24
1. Write True or False:                                   1x4=4

a)      A company is a legal person. Therefore it acquires citizenship.                         False
b)      A Company Secretary cannot participate in the management of company affairs.    False
c)       In case of a public company, the minimum number of directors is five.         False, it is 3
d)      The gap between two Annual General Meetings must not be more than fifteen months.    True
2. Fill in the blanks with appropriate word:                         1x4=4
a)      The maximum number of members of a private company is 200.
b)      A Company Secretary is merely an agent of the company.
c)       In case of members, voluntary winding-up of a company, the liquidator is appointed by the shareholders of the company.
d)      The company secretary has the proper authority to convene annual general meeting.
3. Write briefly on any four of the following:                     4x4=16
a) Registered company: Any Company which is formed and registered under the Indian Companies Act, 2013, including the companies which are previously registered under the Indian Companies Act, 1956, are called a Registered Company. A registered company can be a private or public company, a limited liability or unlimited company or limited by guarantee.
b) Prospectus of a company: Section 2(70) of the Companies Act, 2013 defines a prospectus as ““A prospectus means Any documents described or issued as a prospectus and includes any notices, circular, advertisement, or other documents inviting deposit fro the public or documents inviting offer from the public for the subscription of shares or debentures in a company.” A prospectus also includes shelf prospectus and red herring prospectus. A prospectus is not merely an advertisement. A document shall be called a prospectus if it satisfy two things:
A.      It invites subscription to shares or debentures or invites deposits.
B.      The aforesaid invitation is made to the public.
Contents of a prospectus:
1.       Address of the registered office of the company.
2.       Name and address of company secretary, auditors, bankers, underwriters etc.
3.       Dates of the opening and closing of the issue.
4.       Declaration about the issue of allotment letters and refunds within the prescribed time.
5.       A statement by the board of directors about the separate bank account where all monies received out of shares issued are to be transferred.
6.       Details about underwriting of the issue.
7.       Consent of directors, auditors, bankers to the issue, expert’s opinion if any.
8.       The authority for the issue and the details of the resolution passed therefore.
9.       Procedure and time schedule for allotment and issue of securities.
c) Quorum: Quorum is the minimum number of members who must be present at a meeting as required by the rules. Any business transacted at a meeting without a quorum is invalid. The main purpose of having a quorum is to avoid decisions being taken at a meeting by a small minority which may be found to be unacceptable to the vast majority of members. The number constituting a quorum at any company meeting is usually laid down in the Articles of Association. In the absence of any provision in the Articles, the provisions as to quorum laid down in the Companies Act, 2013 (under Sec.103) will apply. Sec. 103 of Companies Act provides that the quorum for general meetings of shareholders shall be five members personally present in case of a public company if the number of members as on the date of meeting is upto 1000, 15 quorum if number of members as on the date of meeting is more than 1000 but upto 5000 and if number of member exceeds 5000 than 30 quorum is required; and two members personally present for any private company or articles may provide otherwise.
d) Managing Director: According to Sec.2 (54) of the Indian Companies Act “managing director” means a director who, by virtue of the articles of a company or an agreement with the company or a resolution passed in its general meeting, or by its Board of Directors, is entrusted with substantial powers of management of the affairs of the company and includes a director occupying the position of managing director, by whatever name called.
e) One-person company (OPC): According to Sec. 2(62) of the Indian Companies Act, 2013, one person company means a company which has only one person as a member. Sec. 3 of the Companies Act, 2013 classify OPC as private company and all the provisions of a private company is also applicable to this company.
Features of OPC:
1. There is only one director.
2. It can have only one member.
3. The word OPC is mentioned in the bracket with the name of the company.
4. OPC is exempted from conducting annual general meeting and board meeting.
f) Voluntary winding-up: The company can be wound up voluntarily by the mutual decision of members of the company, if:
a)      The company passes a Special Resolution stating about the winding up of the company.
b)      The company in its general meeting passes a resolution for winding up as a result of expiry of the period of its duration as fixed by its Articles of Association or at the occurrence of any such event where the articles provide for dissolution of company.
Effect of voluntary winding up (Sec. 309): In the case of a voluntary winding up, the company shall from the commencement of the winding up cease to carry on its business except as far as required for the beneficial winding up of its business. The corporate state and corporate powers of the company shall continue until it is dissolved.
4. Discuss how and to what extent Articles of Association of a company can be altered.                                14
Ans: Articles of Association: The Articles contain rules and regulations for the internal management of the company. They are framed with the object of carrying out the aims and object of the memorandum of association and also to monitor that the same are carried as prescribed.
The Model contents of the Article of association are as under:
1.       the business of the company;
2.       the amount of capital issued and the classes of shares into which the capital is divided; the increase and reduction of the share capital;
3.       the rights of each class of shareholders and the procedure for variation of their rights;
4.       the execution or adoption of a preliminary agreement, if any;
5.       the allotment of share; calls and forfeiture of shares for non – payment of calls;
6.       transfer and transmission of shares;
7.       company’s lien on shares;
8.       exercise of borrowing powers including issues of debentures;
9.       general meeting, notices, quorum, proxy, poll, voting, resolution, minutes; etc.
Alteration of Articles of Association (Sec. 14 of the Companies Act, 2013) - Any of the clause of Articles of Association can be changed simply by a special resolution. [Section 14(1)]. According to this section, ‘alteration' includes making any addition and omissions. Thus, scope is available for making alterations to Articles. The restrictions are as follows­:
a)      Such alteration cannot be with retrospective effect. Retrospective amendments be permissible as long as vested rights are not adversely affected.
b)      It should not be against provisions of Memorandum of Association or Comp Act.
c)       The alteration must be bona fide for the benefit of company as a whole
d)      Altered article cannot include anything which is illegal or opposed to public.
e)      Company cannot justify breach of contract by altering the articles.
f)       Amendment cannot increase liability of a member, unless his written consent is obtained. However, in case of club or association where member has to recurring periodical or recurring subscription or charges, a member is liable! if he does not agree in writing to the increase.
g)      The amendment must not constitute a fraud on minority. It cannot be oppression of minority.
h)      Articles cannot change a public company to a private company without approval of Central Government – sec. 2(68).
i)        Statutory powers of company to amend the Articles cannot be curtailed.
j)        Every alteration of articles which is registered by the registrar, shall be as valid as if is were originally contained in the articles. [Sec. 14(3)].
Procedure for Alteration
a)      A decision in the meeting of the board must be taken to change all or any of the regulations of the existing articles and day, time place and agenda for the general meeting.
b)      It should be seen that the proposed alteration conforms to the provisions of the Act and the Memorandum.
c)       If the shares are lilted then notice sent to the shareholders must be sent to such stock exchange.
d)      A special resolution should be passed by shareholders in the general meeting.
e)      After the articles have been altered, then six copies of such amendments (one copy must be a certified copy) should be filed with the stock exchange.
f)       Form No.23 must be filed with the Registrar.
g)      Necessary change must be made in all the copes of Articles.
h)      If the effect of alteration is to convert a public company into a private company, the approval of the central Government is necessary.
Or
What is Memorandum of Association? Discuss the clauses of Memorandum of Association.                      2+12=14
Ans: Memorandum of Association: Memorandum of association is the document which contains the rules regarding constitution and activities and objects of the company. It is fundamental charter of the company. Its relation towards the members and the outsiders are determined by this important document.
Section 2 (56) of the Companies Act, 2013 defines Memorandum as “Memorandum means the Memorandum of association of a company as originally framed or as altered from time to time in pursuance of any previous companies law or of this act”.
One of the essentials for the registration of a company is memorandum of association. It is the first step in the formation of a company. Its importance lies in the fact that it contains the fundamental clauses which have often been described as the conditions of the company’s incorporation.
ALTERNATION OF MEMORANDUM (Sec. 13 of the Companies Act, 2013)
1. Alteration of name: A company may change its name at any time by passing a special resolution and with the prior approval of the Central Government. The company shall file with the registrar a copy of special resolution and a copy of the order of the central government approving the change of name. The registrar shall enter the new name of the company in the register of companies and issue a fresh certificate of incorporation to the company. The change in the name shall become complete and effective from the last date of issue of fresh certificate of incorporation.  However, it should be noted that no approval of central government will be required if the change consists merely addition or deletion of the word “private” consequent on the conversion of a public company into a private company or vice versa.
2. Alteration of registered office clause: A company may change the place of its registered office from one state to another state by passing a special resolution and obtaining approval of central government.  For obtaining the approval of central government (CG), the company shall make an application to CG in such form and manner as may be prescribed. CG shall dispose of the application within 60 days. Before passing any order, CG shall satisfy itself that the creditors and lenders have consented to such alterations. After obtaining the approval, the company shall file with the registrar a copy of special resolution and a copy of the order of the central government approving the change of the address. The registrar shall enter the new address of the company in the register of companies and issue a fresh certificate of incorporation to the company. The change in the address shall become complete and effective from the last date of issue of fresh certificate of incorporation.
3. Alteration of objects:  A company may alter its objects with the passing of a special resolution. The confirmation of the central government is not required for this purpose. Alteration of object clause is not permitted if any company has raised money from the public by issue of a prospectus, and any part of such money remains unutilised with the company.
4. Alteration of liability clause: Liability of shareholders can be increased by express approval of each and every member. However in case the company is a club or similar association and alteration in the memorandum requires the member to pay recurring charge at a higher rate, although he does- not agree in writing to be bound by the alteration.  Liability of directors, MD or managers can be made unlimited by passing a special resolution if the article so permit and getting consent of such officer.  Unlimited liability of shareholders can be made limited by:
a)      Pass a special resolution and fill it within 30 days.
b)      Obtain tribunal sanction and fill it within 3 months of the date of order.
c)       Alteration will be effective from date of registration.
5. Alteration of capital clause [Sec. 61 of the Companies Act, 2013]: If article provides, by passing an ordinary resolution in the general meeting, a company can:
a)      Increase in authorised capital by such amount as it may think fit.
b)      Consolidate or sub-divide the whole or any part of existing shares into shares of larger or smaller denominations.
c)       Convert its fully paid up shares into stock or vice-versa.
d)      Cancel its unsubscribe shares by diminishing authorised capital.
As per sec. 64 of the Companies Act, 2013, notice of alternation of share capital is to be given to the ROC within 30 days along with a copy of altered memorandum. Alteration of share capital does not require any confirmation by the court, CG, CLB or any other authority.
6. Alteration of subscription clause: This clause can be altered by passing a special resolution and complying with the procedure as specified in the sec. 13 for alteration of name clause and registered office clause.
5. In what ways may a person cease to be a member of a company? Explain.                      14
Ans: Who is a Member of Company?
The members of a company are the persons who collectively constitute the company as a corporate entity. Section 2(55) of the companies Act, 2013 defines a member as:
1.       The subscription to MOA of a company shall be deemed to have agreed to become members of the company and on its registration, shall be entered as members in its register of members.
2.       Every other person who agrees in writing to become a member of a company and whose name is entered in the register of members shall be a member.
3.       Every person holding equity share of a company and who name is entered ass beneficial owner in the records of the depository shall be deemed to be the member of the company.
How is Membership terminated?
Termination of the membership: it can take place in two ways:-
a)      Voluntary termination (by act of the parties)
b)      Compulsory termination (by operation of law)
a) Voluntary/by act of the parties termination: A person ceases to be a member of a company by doing the following act:
Ø  By transfer of shares
Ø  By forfeiture of shares
Ø  By surrender of shares
Ø  By exercising lien by the company.
Ø  By issue of share warrants
Ø  By redemption of shares
Ø  By the buy back of shares by the company
Ø  By irregularity in allotment
Ø  By repudiating the contract on the ground of false or misleading statement in the prospectus of the company.
b) Compulsory/By operation of law termination: A person ceases to be a member by operation of law in the following cases:
Ø  By termination of shares
Ø  By insolvency of the person
Ø  By the order of court on acquiring shares
Ø  On winding up of a company
Ø  On the death of the person
Or
Discuss the role of a Company Secretary:                             7+7=14
a)      As a principal or statutory officer;
b)      As a coordinator.
Ans: Company Secretary Appointment and his Rights and Obligations needs to understand the definitions and as per sec. 2(24) of Companies Act 2013, Company Secretary means a Company Secretary define in sec. 2(1)(c) of the Company Secretaries Act 1980. As per this clause, Company Secretary means a person who is a member of Institute of Company Secretary of India. Company Secretary is managerial personnel in a private sector company and in a public sector company, a Company Secretary is a person who can represent his company before any quasi-judicial body in relation to any legal dispute and other legal litigation. To be qualified as a company secretary, one must clear the:
1.       Company Secretary Executive level programme and Professional level programme.
2.       Must have training certificates which includes student induction programme, executive development programme, professional development programmed and long term internship with specified cs entity.
However to apply for the above programmes, one must:
a)      Be a graduate from any recognized university or institution.
b)      Should not be less than 17 years of age.
Thus, a company secretary should be a member of the institute of companies secretaries of India.
Legal Position/Role of a company secretary
(a) Statutory Officer: The company secretary is an officer responsible for compliance with numerous legal requirements under different Acts including the Companies Act, 2013 as applicable to companies. All companies (including Private Companies) are required to appoint Company Secretary in whole time employment whose paid up Share Capital is five crore rupees of more. Being a key managerial personnel of a company, it is obligatory for the secretary to sign the annual return filed with the Registrar [Section 92], to sign financial statements [Section 134(1)] duty to report fraud [Section 143(12)] and to make declaration under Section 7(1) of the Act before incorporation of a company confirming that all the requirements of Act and the Rules there under have been complied with in respect of registration of a company and the Registrar may accept such a declaration as sufficient evidence of such compliance.
(b) As a Co-ordinator: The Company Secretary as a co-coordinator has an important role to play in administration of the company’s business and affairs. It is for the secretary to ensure effective execution and implementation of the management policies laid out by the Board. The position that the company secretary occupies in the administrative set-up of the company makes his function as one of co-coordinator and link between the top management and other levels. He is not only the communicating channel between the Board and the executives but he also co-ordinates the actions of other executives vis-a-vis the Board.
The ambit of his role as a co-coordinator also extends beyond the Company and he is the link between the Company and its shareholders, the society and the Government. Thus, the role of a company secretary as a co-coordinator has two aspects, namely internal and external. The internal role of a co-coordinator extends to the Board including the Chairman and Managing Director, various line and staff personnel, the trade unions and the auditors of the company. His role as an external co-ordinator extends to the relationship of the company with shareholders, Regulators, Government and Society.
6. What are the objects of holding the Annual General Meeting? What are the consequences of not holding such a meeting?                            6+8=14
Ans: Annual General Meeting: Every company must in each year hold an annual general meeting. Not more than 15 months must elapse between two annual general meetings. However, a company may hold its first annual general meeting within 9 months from the close of 1st financial year. In such a case, it need not hold any annual general meeting in the year of its incorporation as well as in the following year only. A notice of at least 21 days before the meeting must be given to members unless consent is accorded to a shorter notice by members, holding not less than 95% of voting rights in the company. The notice must state that the meeting is an annual general meeting. The time, date and place of the meeting must be mentioned in the notice.
The AGM must be held on a working day during business hours at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situated. The Central Government may, however, exempt any class of companies from the above provisions.
The main purpose (Objectives) to hold these meetings are:
a)      To submit the annual account, balance sheet, director’s report and auditor’s report.
b)      To declare the dividend.
c)       Special business- any other business to be transacted will be deemed special business likes:
d)      To increase share capital
e)      To alter Article of Association
f)       To appoint auditors and fix their remuneration.
g)      To elect directors are that liable to retire by rotation.
Business to be transected: At every AGM, the following matters must be discussed and decided. Since such matters are discussed at every AGM, they are known as ordinary business. All other matters and business to be discussed at the AGM are special business. The following matters constitute ordinary business at an AGM :
a.     Consideration of annual accounts, director’s report and the auditor’s report
b.     Declaration of dividend
c.     Appointment of directors in the place of those retiring
d.     Appointment of and the fixing of the remuneration of the statutory auditors.
Ordinary business is transacted by passing ordinary resolution.
Special Business: All matters other than ordinary business are treated as special business at an annual general meeting. For transacting special business at a meeting, there shall be annexed to the notice of meeting an explanatory statement setting out:
a)      All material facts concerning each item of such business, and
b)      In particular, nature of the concern or interest, if any, of every director or manager in each item.
c)       Statement must also state time and place where document, if any, proposed for approval at the meeting can be inspected by members.
d)      The items constituting special business are transacted either by an ordinary resolution or by a special resolution depending on the requirements of the Companies Act 2013 or articles of the company in respect of each particular item.
Default in holding Annual general meeting: As mentioned earlier, every company is required to hold this meeting according to the provision of the Companies Act. If any company fails to hold the annual general meeting the consequences are as follows:
A. As mentioned above, the annual general meeting provides the opportunity to the members to express views on the management of the company. Any member can apply to the Central Government for the failure of the company to call the meeting. The Central Government may give direction to the company for calling the meeting.
B. The company as well as every officer will become liable if  they fail to held the meeting and shall be punishable with fine upto Rs. 50,000, and if the default continues , with a further fine of Rs. 2,500 for every day after the first day of default during which the default continues. 
Or
Explain the procedure for convening the conducting the Board of Directors meeting at a company.                        14
Ans: Meeting of the Board of Directors: As the affairs of a company are managed by the board of directors, therefore it is necessary that the directors should often meet to discuss various matters regarding management and administration of affairs of the companies in the best interest of shareholders. Such meetings are called board meeting.
Provisions of the Companies Act, 2013 for Board Meeting
1.   Frequency of Meeting:
a) First Meeting: First Meeting of Board of Directors within 30 (Thirty) days from the date of Incorporation of company.
b) Subsequent Meetings:
One person Company, Small company and Dormant company: At least one meeting of Board of directors in each half of calendar year and minimum gap between two meetings should be at least 90 days.
Other than Companies mentioned above: Minimum No. of 4 meetings of Board of Director in a calendar year and maximum gap between two meetings should not be more the 120 days.
2. Calling of Meeting: Meeting of Board of Director should be called by giving 7 days notice to Directors at his registered address through:
a)      By hand delivery
b)      By post
c)       By Electronic means
Meeting at shorter Notice: A meeting of Board of Directors can be called by shorter notice subject to the conditions:
If the company is require to have independent director:
a)      Presence of at least one Independent director is required.
b)      In case of absence, decision taken at such meeting shall be circulated to all the directors, and
c)       shall be final only on ratification thereof by at least one Independent Director
If the company doesn’t require to have independent director: The meeting can be called at a shorter notice without any conditions to be complied with.
3. Quorum of Board Meeting: 1/3 rd of total strength OR 2 (Two) Directors, whichever is higher. Where meeting of Board could not be held for want of quorum, the meeting shall automatically adjourn to same time, same place at next week (Not being national holiday).
If number of directors reduced below quorum, then the remaining directors may hold the meeting for the following purposes:
a)      To call a General meeting
b)      Increase the number of directors.
c)       Quorum in case of Interested Directors:
d)      If interested director exceed or equal to 2/3 of total strength the remaining directors not being less than 2 (two) shall be the quorum.
4. Participation of Directors in Board Meetings: directors may, apart from attending the meeting physically, participate in the meeting by way of video conferencing & other audio visual means. Matter which can’t be dealt at a meeting held though Video conferencing:
a)      Approval of the annual financial statements;
b)      Approval of the Board’s report;
c)       Approval of the prospectus;
d)      Audit Committee Meetings for consideration of accounts; and
e)      Approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.

7. What is the position of a Director in a company –?                                     5+5+4=14
a)      As an agent;
b)      As a trustee;
c)       As a managing partner?       
Ans: Position of Directors: It is very difficult to define precisely the position of directors in a company. The Companies Act, 2013, is also silent on this issue. Directors have been described sometimes as trustees, sometimes as agents or sometimes as managing partners. They have some attributes of all of them, but they are neither trustees nor managing partner in full sense of the term. The legal position can be discussed as under:
1. Directors as Agent: Directors are, in the eyes of law, agents of the company for which they act. The company itself cannot act, it can act only through directors and by the reason of which a relation of principal and agent is established between the company and the directors. Wherever as agent is liable those directors would be liable; where the liability would attach to the principal and principal only, the liability is the liability of the company.
Where the directors make contracts on behalf of the company, they incur no personal liability provided they act within the scope of their authority. In such a case, the company alone would be liable. Directors incur a personal liability in the following circumstances:
a)      Where the contract in their own names.
b)      Where they use the company’s name incorrectly.
c)       Where director’s exceeds their powers.
But the position of directors differ from that of the agents because an agent can enter into a contract in his own name but a director cannot. Again an agent may not disclose the name of his principal but a director must disclose the name of his principal. Hence, the directors are not agents in the true sense.
2) Directors as trustees: The directors have also been described as trustees of the company. They are trustees of the company’s money or property which comes into their hands or which is actually under their control and of the powers entrusted to them. But in real sense, the position of directors is differ from that of the trustees because a trustee can’t be an employee of the trust but a director can be an employee of the company. Again, an artificial person can become a trustee but an artificial person cannot become a director. As, only individual can be a director. Hence, directors may better be considered as quasi trustee.
3) Directors as managing partners: The directors are also sometimes described as managing partners because like a partner of a firm, they manage the affairs of the company and they are also usually important shareholders of the company. They do all proprietorial functions like allotting shares, making calls, forfeiting shares etc. However, all the partners of a firm act on the principal of mutual agency. But it is not so in the case of directors. A director has no authority to bind the other directors and shareholders. Moreover, directors are subject to retirement by rotation whereas partners of a firm are not. Hence, the directors are not managing partners in the full sense.
Thus, directors are described as trustees, agents or managing partners. The board of directors are the brain and the only brain of the company which is the body and the company can act only through them.
Or
Describe the powers and duties of a liquidator appointed by the tribunal.                          14
Ans: Appointment of Official Liquidator (Sec. 359): For the purposes of this Act, so far as it relates to the winding up of companies by the Tribunal, the Central Government may appoint as many Official Liquidators, Joint, Deputy or Assistant Official Liquidators as it may consider necessary to discharge the functions of the Official Liquidator. The liquidators so appointed under this section shall be whole-time officers of the Central Government. The salary and other allowances of the Official Liquidator, Joint Official Liquidator, Deputy Official Liquidator and Assistant Official Liquidator shall be paid by the Central Government.
Powers and duties of Company Liquidator in case of winding up by tribunal (Sec. 290):
1. Subject to directions by the Tribunal, if any, in this regard, the Company Liquidator, in a winding up of a company by the Tribunal, shall have the power:
a.       to carry on the business of the company so far as may be necessary for the beneficial winding up of the company;
b.      to do all acts and to execute, in the name and on behalf of the company, all deeds, receipts and other documents, and for that purpose, to use, when necessary, the company’s seal;
c.       to sell the immovable and movable property and actionable claims of the company by public auction or private contract, with power to transfer such property to any person or body corporate, or to sell the same in parcels;
d.      to sell the whole of the undertaking of the company as a going concern;
e.      to raise any money required on the security of the assets of the company;
f.        to institute or defend any suit, prosecution or other legal proceeding, civil or criminal, in the name and on behalf of the company;
g.       to invite and settle claim of creditors, employees or any other claimant and distribute sale proceeds in accordance with priorities established under this Act;
h.      to inspect the records and returns of the company on the files of the Registrar or any other authority;
i.         to prove rank and claim in the insolvency of any contributory for any balance against his estate, and to receive dividends in the insolvency, in respect of that balance, as a separate debt due from the insolvent, and rateably with the other separate creditors;
j.        to draw, accept, make and endorse any negotiable instruments including cheque, bill of exchange, hundi or promissory note in the name and on behalf of the company, with the same effect with respect to the liability of the company as if such instruments had been drawn, accepted, made or endorsed by or on behalf of the company in the course of its business;
k.       to take out, in his official name, letters of administration to any deceased contributory, and to do in his official name any other act necessary for obtaining payment of any money due from a contributory or his estate which cannot be conveniently done in the name of the company, and in all such cases, the money due shall, for the purpose of enabling the Company Liquidator to take out the letters of administration or recover the money, be deemed to be due to the Company Liquidator himself;
l.         to obtain any professional assistance from any person or appoint any professional, in discharge of his duties, obligations and responsibilities and for protection of the assets of the company, appoint an agent to do any business which the Company Liquidator is unable to do himself;
m.    to take all such actions, steps, or to sign, execute and verify any paper, deed, document, application, petition, affidavit, bond or instrument as may be necessary,—
1.       for winding up of the company;
2.       for distribution of assets;
3.       in discharge of his duties and obligations and functions as Company Liquidator; and
n.      to apply to the Tribunal for such orders or directions as may be necessary for the winding up of the company.
2.     The exercise of powers by the Company Liquidator under sub-section (1) shall be subject to the overall control of the Tribunal.
3.     Notwithstanding the provisions of sub-section (1), the Company Liquidator shall perform such other duties as the Tribunal may specify in this behalf.

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