33 Investment of Surplus Funds
(1) Investment of surplus funds - All such money for the time being standing to the credit of the Company Liquidator at the Bank as is not immediately required for the purposes of winding-up, shall be invested in Government securities or in interest bearing deposits in the State Bank of India or any other nationalised bank in the name of the Company Liquidator as Company Liquidator of the company to which the funds belong.
(2) Company Liquidator to examine the accounts for purposes of investment.- The Company Liquidator shall, at the end of every month, examine the account of liquidation to ascertain what moneys are available for investment, and shall make an entry at the end of every month in the Record Book relating to the company of his having examined the account for the purpose and of the decision taken by him regarding the investment, and in case he decides not to invest any surplus funds, the reasons for such decision.
(3) Investments to be made by the Bank.- All investments shall be made by the Bank upon the written request of the Company Liquidator. The securities shall be retained in the Bank in the name and on behalf of the Company Liquidator, and shall not be sold except by the Bank and under the written instructions of the Company Liquidator. When the securities are sold the proceeds shall be credited by the Bank to the account of the Company Liquidator.
(4) Dividend and interest to be credited.- All dividends and interest accruing from any securities or investments shall from time to time be received by the Bank and placed to the credit of the account of the Company Liquidator and intimation thereof shall be given to the Company Liquidator, who shall thereupon credit such dividend or interest in his accounts to the company to which the security or the investment relating thereto belongs.
(5) Refunds of Income-tax.- The Company Liquidator shall claim such refunds of income-tax as may be due in respect of any dividends or interest received on the securities or investments and credit the same when realised to the appropriate account. |