Common Pool Fund of Official Liquidator.
Common
Pool fund is an account established under Orders of Honorable High Court and its funds are under the control and management of the Honorable high Court.
There is no provision for such an account in Companies Act which normally lays down that assets of the Companies be sold within one year. Official Liquidators have no knowledge of Companies act or how to liquidate the Companies within the stipulated period, hence they proposed such an account to meet expenses.
There is no provision for such an account in Companies Act which normally lays down that assets of the Companies be sold within one year. Official Liquidators have no knowledge of Companies act or how to liquidate the Companies within the stipulated period, hence they proposed such an account to meet expenses.
It
comprises 10% of interest income received on investments of sale proceeds of assets
of various companies which is transferred to Common pool fund.
As per letter Dt 9th august 2011 from Official Liquidator, Chandigarh, balance in its common pool fund was Rs 28,335,155/-.
As per letter Dt 9th august 2011 from Official Liquidator, Chandigarh, balance in its common pool fund was Rs 28,335,155/-.
The funds of this account are to paid under Order's of Honorable High Court. The
purpose is to apportion expenses of the staff, Chartered accountants, Valuers,
advocates, etc or such other expenses as may be ordered by the High Court to be paid from this
account.
Kapil
Dev Aggarwal.
