314. Powers and duties of Company Liquidator in voluntary winding up.— (1) The Company
Liquidator shall perform such functions and discharge such duties as may be determined from time to
time by the company or the creditors, as the case may be.
(2) The Company Liquidator shall settle the list of contributories, which shall be prima facie evidence
of the liability of the persons named therein to be contributories.
(3) The Company Liquidator shall call general meetings of the company for the purpose of obtaining
the sanction of the company by ordinary or special resolution, as the case may require, or for any other
purpose he may consider necessary.
(4) The Company Liquidator shall maintain regular and proper books of account in such form and in
such manner as may be prescribed and the members and creditors and any officer authorised by the
Central Government may inspect such books of account.
(5) The Company Liquidator shall prepare quarterly statement of accounts in such form and manner
as may be prescribed and file such statement of accounts duly audited within thirty days from the close of
each quarter with the Registrar, failing which the Company Liquidator shall be punishable with fine
which may extend to five thousand rupees for every day during which the failure continues.
(6) The Company Liquidator shall pay the debts of the company and shall adjust the rights of the
contributories among themselves.
(7) The Company Liquidator shall observe due care and diligence in the discharge of his duties.
(8) If the Company Liquidator fails to comply with the provisions of this section except sub-section
(5) he shall be punishable with fine which may extend to ten lakh rupees.
