1. Where a company has passed a resolution for voluntary winding up and a resolution under sub-section (3 ) of section 306 is passed, it shall within fourteen days of the passing of the resolution give notice of the resolution by advertisement in the Official Gazette and also in a newspaper which is in circulation in the district where the registered office or the principal office of the company is situate.
2. If a company contravenes the provisions of sub-section (1 ), the company and every officer of the company who is in default shall be punishable with fine which may extend to five thousand rupees for every day during which such default continues.
Legal Commentary & Landmark Judgments: Section 307
Section 307 of the Companies Act, 2013 mandated public advertisement of voluntary winding up resolutions to notify commercial counterparties; omitted by the IBC 2016, its publication rule is retained in Regulation 3(2) of the IBBI Regulations, 2017.
Modern corporate liquidators must ensure prompt twin newspaper publication within 7 days under Regulation 3(2) of IBBI Regulations. Maintain original tearsheets and Gazette extracts as mandatory exhibits for the final dissolution application before NCLT.