Amendment status not verified — confirm the current text below against the official source.
(l) (2) 231 When two or more componies ore omolgomoted or merged in pursuonce of on order of court or of Tribunol or otherwise ond the order is to toke effect from o dote eorlier to the dote ofthe order ond ony two or more of such com- ponies hove supplied or received ony goods or services or both to or from eoch other during the period commencing on the dote from which the order tokes effect tillthe dote ofthe order, then such tronsoctions of supply ond receipt sholl be included in the turnover of supply or receipt of the respective componies ond they sholl be lioble to poy tox occordingly. Notwithstonding o nyth ing contoined in the soid order, forthe purposes of this Act, the soid two or more componies sholl be treoted os distinct componies for the period up to the dote ol the soid order ond the registrotion certificotes ol the soid componies sholl be concelled with effed from the dote of the soid order. When ony compony is being wound up whether under the orders of o court or Tribunol or othenvise, every person oppointed os receiver of ony ossets of o compony (hereofter in this section referred to os ttre liquidotor'), sholl. within thirty doys ofter his oppointment, give intimotion of his oppointment to the Commissioner. The Commissioner sholl, ofter moking such inquiry or colling for such informotion os he moy deem Liobility in cose of trmlgcrndftn or merger oI componies. Liobility in cose of compony in liquidotion. 18 of 201 3 (3) 8e. (r ) 232 fit, notify the liquidotor within three months from the dote on which he receives intimotion of the oppointment of the liquidotor, the omountwhich in the opinion of the Commissioner would be sufficient to provide for ony tox, interest or penolty which is then, or is likely thereofter to become, poyoble by the compony. When ony privote compony is wound up ond ony tox, interest or penolty determined under thisAct on the compony for ony period, whether before or in the course of or ofter its liquidotion, connot be recovered, then every person who wos o director of such compony ot ony time during the period for which the tox wos due sholl, jointly ond severolly, be lioble Ior the poyment of such tox, interest or penolty, unless he proves to the sotisfoction of the Commissioner thot such non-recovery connot be ottributed to ony gross neglect, misleosonce or breoch of duty on his port in relotion to the offoirs of the compony. Notwithstonding onything con- toined in the Componies Act, 201 3, where ony tox, interest or penolty due from o privote compony in respect of ony supply of goods or services or both for ony period connot be recovered, then, every person who wos o director ol the privote compony during such period sholl, jointly ond severolly, be lioble for the poyment of such tox, interest or penolty unless he proves thot the Liobility of diredors of privote compony. 233 nonrecovery connot be ottributed to ony gross neglect, mis- feosonce or breoch of duty on his port in relotion to the offoirs of the compony. (2) Where o privote compony is converted into o public compony ond the tox, interest or penolty in respect of ony supply of goods or services or both for ony period during which such compony wos o privote compony connot be recovered before such conversion, then, nothing contoined in sub- section (1) sholl opply to ony person who wos o director of such privote compony in relotion to ony tox, interest or penolty in respect of such supply of goods or services or both of such privote compony: Provided thot nothing contoined in this sub-section sholl opply to ony personol penolty imposed on such director.