1. The Tribunal may, in any proceeding relating to a sick company or winding up of any other company, in order to take into custody or under its control all property, books of account or other documents, request, in writing, the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector within whose jurisdiction any such property, books of account or other documents of such sick or other company, are situate or found, to take possession thereof, and the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector, as the case may be, shall, on such request being made to him,
a. take possession of such property, books of account or other documents; and
b. cause the same to be entrusted to the Tribunal or other person authorized by it.
2. For the purpose of securing compliance with the provisions of sub-section (1 ), the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector may take or cause to be taken such steps and use or cause to be used such force as may, in his opinion, be necessary.
3. No act of the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector done in pursuance of this section shall be called in question in any court or before any authority on any ground whatsoever.
Legal Commentary & Landmark Judgments: Section 429
Section 429 empowers the Tribunal to direct the Chief Metropolitan Magistrate, Chief Judicial Magistrate, or District Magistrate within whose jurisdiction company property or books of account are situated to take physical possession and hand them over to the Tribunal or liquidator.
In corporate fraud, asset siphoning, or winding-up proceedings where management conceals records or physically resists handing over corporate assets, file an urgent application under Section 429 seeking coercive warrants directed to the local CMM/DM for police-assisted physical takeover.