Companies Act Section 377 — Provisions of Chapter cumulative

CHAPTER XXI

Commercial / Corporate

Summary

Sub-section (1) states that the rules in this Part about unregistered companies are extra rules. They add to the rules already in this Act about winding up companies through the Tribunal, and they do not reduce or replace those earlier rules.

Sub-section (2) says that the Tribunal or the Official Liquidator can use any powers or take any action for unregistered companies that they could use or take when winding up companies that were formed and registered under this Act. However, there is a condition: an unregistered company is not treated as a company under this Act unless it is actually being wound up, and even then, it is only treated as such to the extent that this Part says.

Official Text

(1) The provisions of this Part, with respect to unregistered companies shall be in addition to and not in derogation of, any provisions hereinbefore in this Act contained with respect to the winding up of companies by the Tribunal.

(2) The Tribunal or Official Liquidator may exercise any powers or do any act in the case of unregistered companies which might be exercised or done by the Tribunal or Official Liquidator in winding up of companies formed and registered under this Act:

Provided that an unregistered company shall not, except in the event of its being wound up, be deemed to be a company under this Act, and then only to the extent provided by this Part.