India - Income Tax Act 2010 - Saarc

I.T. ACT, 1961 1.1038Provided that no compromise or arrangement proposed for the purposes of, or inconnection with, a scheme for the amalgamation of a company, which is being wound up,with any other company or companies, shall be sanctioned by the Tribunal unless theTribunal has received a report from the Registrar that the affairs of the company have notbeen conducted in a manner prejudicial to the interests of its members or to publicinterest :Provided further that no order for the dissolution of any transferor company under clause(iv) shall be made by the Tribunal unless the Official Liquidator has, on scrutiny of thebooks and papers of the company, made a report to the Tribunal that the affairs of thecompany have not been conducted in a manner prejudicial to the interests of its membersor to public interest.(2) Where an order under this section provides for the transfer of any property or liabilities,then, by virtue of the order, that property shall be transferred to and vest in, and thoseliabilities shall be transferred to and become the liabilities of, the transferee company; andin the case of any property, if the order so directs, freed from any charge which is, by virtueof the compromise or arrangement, to cease to have effect.(3) Within thirty days after the making of an order under this section, every company inrelation to which the order is made shall cause a certified copy thereof to be filed with theRegistrar for registration.If default is made in complying with this sub-section, the company, and every officer ofthe company who is in default, shall be punishable with fine which may extend to fivehundred rupees.(4) In this section—(a) “property” includes property, rights and powers of every description; and “liabilities”includes duties of every description; and(b) “transferee company” does not include any company other than a companywithin the meaning of this Act; but “transferor company” includes any bodycorporate, whether a company within the meaning of this Act or not.SECTION 620A OF COMPANIES ACT, 1956Power to modify Act in its application to Nidhis, etc.620A. (1) In this section, “Nidhi” or “Mutual Benefit Society” means a company whichthe Central Government may, by notification in the Official Gazette, declare to bea Nidhi or Mutual Benefit Society, as the case may be.(2) The Central Government may, by notification in the Official Gazette, direct that any ofthe provisions of this Act specified in the notification—(a) shall not apply to any Nidhi or Mutual Benefit Society, or(b) shall apply to any Nidhi or Mutual Benefit Society with such exceptions,modifications and adaptations as may be specified in the notification.(3) A copy of every notification issued under sub-section (1) shall be laid as soon as maybe after it is issued, before each House of Parliament.NOTIFIED NIDHIS/MUTUAL BENEFIT SOCIETIESUNDER SECTION 620A OF COMPANIES ACT, 1956In exercise of the powers conferred by section 620A of the Companies Act, 1956 (1 of 1956),the Central Government hereby—(i) declares the companies specified in Schedules I and II annexed hereto as nidhisand mutual benefit societies respectively; and