Section 293: Books to be kept by Company Liquidator
Companies Act • Official Statutory Text & Practice Guide
Statutory Regulation
Legal Standard
Competent Court / Tribunal
Act 2013
Section 293 of Companies Act: Corporate Governance & Statutory Compliance
Official Bare Act Text
Override / Mandate Mens Rea (Intent) Actus Reus (Conduct) Punishment Limitation Monetary
1.The Company Liquidator shall keep proper books in such manner, as may be prescribed, in which he shall cause entries or minutes to be made of proceedings at meetings and of such other matters as may be prescribed.
2.Any creditor or contributory may, subject to the control of the Tribunal, inspect any such books, personally or through his agent.
Statutory Defined Terms in this Section:(Click any term for official legal definition)
Section 293 of the Companies Act, 2013 obligates the Company Liquidator to maintain proper statutory books, minutes, and records of liquidation proceedings and stakeholder meetings, guaranteeing creditors and contributories the statutory right of inspection.
Mandatory Statutory Books and Minutes: The Company Liquidator must maintain proper books of account, minute books, and operational registers recording all transactions, receipts, payments, and proceedings of meetings with creditors and contributories.
Prescribed Forms and Operational Records: All books and records must be kept in the forms and manners prescribed under the Companies (Winding Up) Rules to ensure verifiable audit trails of liquidation administration.
Creditor and Contributory Inspection Rights: Any creditor or contributory is entitled to inspect the books and records maintained by the liquidator, subject to the overall control, guidelines, and restrictions imposed by the Tribunal.
Key Landmark Precedents:
Re: Silver Valley Mines, (1882) 21 Ch D 381: The Court of Appeal held that the maintenance of accurate minute books and cash records by a liquidator is an imperative statutory duty; failure to record receipts and decisions deprives the liquidator of statutory indemnities.
Official Liquidator v. S.V. Lakshmanan, (2001) 103 Comp Cas 661 (Mad): The Madras High Court emphasized that liquidator record-keeping must conform strictly to statutory regulations, and failure to maintain transparent accounts renders the liquidator personally answerable for unaccounted estate funds.
Courtroom Practice & Strategic Litigation Guidance:
Corporate secretarial and liquidation accounting teams must maintain daily cash books, asset registers, and verified minute books of all consultative meetings. When responding to shareholder or creditor inspection demands under Section 293, the liquidator should offer inspection during designated business hours, requiring the applicant to verify their status on the list of creditors or contributories.
Legal Commentary & Landmark Judgments: Section 293
Section 293 of the Companies Act, 2013 obligates the Company Liquidator to maintain proper statutory books, minutes, and records of liquidation proceedings and stakeholder meetings, guaranteeing creditors and contributories the statutory right of inspection.
Corporate secretarial and liquidation accounting teams must maintain daily cash books, asset registers, and verified minute books of all consultative meetings. When responding to shareholder or creditor inspection demands under Section 293, the liquidator should offer inspection during designated business hours, requiring the applicant to verify their status on the list of creditors or contributories.