Sec550 - Disposal of books and papers of company.
(1) When the affairs of a company have been completely wound up and it is about to be dissolved, its books and papers and those of the liquidator 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 manner as the Court directs ;
(b) in the case of a members voluntary winding up, in such manner as the company by special resolution directs ; and
(c) in the case of a creditors voluntary winding up, in such manner as the committee of inspection or, if there is no such committee, as the creditors of the company may direct.
(2) After the expiry of five years from the dissolution of the company, no responsibility shall rest on the company, the liquidator, 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) The Central Government may, by rules,
(a) prevent for such period (not exceeding five years from the dissolution of the company) as the Central Government thinks proper, the destruction of the books and papers of a company which has been wound up and of its liquidator ; and
(b) enable any creditor or contributory of the company to make representations to the Central Government in respect of the matters specified in clause (a) and to appeal to the Court from any direction which may be given by the Central Government in the matter.
(4) If any person acts in contravention of any such rules or of any direction of the Central Government thereunder, he shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to fifty thousand rupees, or with both.