Section 413 — Disposal of books and papers of company

(1) Subject to any
rules made under sub-section (3), when a company has been wound up and is about
to be dissolved, the books and papers of the company and of the liquidators may be
disposed of as follows, that is to say−

(a) in the case of a winding up by or subject to the supervision of the
Court in such way as the Court directs;

(b) in the case of a members voluntary winding up, in such way as the
company by special resolution directs; and

(c) in the case of a creditors’ voluntary winding up, in such a way, as
the creditors of the company may direct.

(2) After the expiry of 54[five years ] from the dissolution of the
company no responsibility shall rest on the company, or the liquidators, or any
person to whom the custody of the books and papers has been committed, by reason
of any book or paper not being forthcoming to any person claiming to be interested
therein.
(3) 55[The Commission may, as specified by regulations, prevent the
destruction of books and papers of a company which has been wound up.]
(4) Any contravention or default in complying with requirements of this
section shall be an offence liable to a penalty of level 2 on the standard scale.