Sections 293 explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
A Company Liquidator handles other people's money, so the Act makes the process transparent. Section 293 requires the liquidator to keep proper books and minutes that creditors and contributories can inspect. Section 294 requires books of account, accounts of receipts and payments presented to the Tribunal at least twice a year, and an audit ordered by the Tribunal.
The Company Liquidator must keep proper books recording proceedings at meetings and other prescribed matters (section 293) and proper and regular books of account including receipts and payments (section 294). Accounts must be presented to the Tribunal not less than twice in each year of his tenure, verified by a declaration. The Tribunal causes them to be audited, and a copy goes to the Registrar for inspection. Any creditor or contributory may inspect the books, subject to the Tribunal's control.
Context: why these sections still apply
These two sections belong to Part I of Chapter XX, winding up by the Tribunal. Since the Insolvency and Bankruptcy Code, 2016, inability to pay debts and voluntary winding up are dealt with under the IBC, and the corresponding Companies Act sections stand omitted. Winding up by the Tribunal continues on the grounds left in section 271, and in those cases the Company Liquidator must keep books and accounts as sections 293 and 294 require. For the liquidator's powers that these records support, see sections 290 to 292.
If you are a creditor or contributory who wants to inspect the liquidator's records, or a liquidator who needs clarity on the filing rhythm, our legal dispute resolution team can help you plan the steps.
Section 293: books to be kept
| Sub-section | Rule |
|---|---|
| (1) | The liquidator keeps proper books, in the prescribed manner, in which entries or minutes are made of proceedings at meetings and of other prescribed matters |
| (2) | Any creditor or contributory may, subject to the control of the Tribunal, inspect the books personally or through an agent |
The books are not only financial. They record what happened at meetings, for example of creditors, contributories and the advisory committee. The manner of keeping them, and the "other matters" to be recorded, are left to the rules. The Act does not list them, so check the current winding-up rules rather than assume.
The right to inspect is given to creditors and contributories. It is "subject to the control of the Tribunal", so the Tribunal can regulate access, for example to protect sensitive material. A contributory is a person liable to contribute to the assets of the company in a winding up; the list of contributories is settled under section 285 (see list of contributories).
Section 294: accounts and audit
Section 294 has six sub-sections.
| Sub-section | Rule |
|---|---|
| (1) | The liquidator maintains proper and regular books of account, including accounts of receipts and payments, in the prescribed form and manner |
| (2) | At such times as prescribed, but not less than twice in each year during his tenure, he presents to the Tribunal an account of receipts and payments in the prescribed form, in duplicate, verified by a declaration |
| (3) | The Tribunal causes the accounts to be audited as it thinks fit; the liquidator furnishes vouchers and information; the Tribunal may at any time require production and inspection of his books of account |
| (4) | After audit, one copy is filed by the liquidator with the Tribunal and the other is delivered to the Registrar, open to inspection by any creditor, contributory or person interested |
| (5) | For a Government company, a copy goes to the Central Government, the State Government, or both, depending on which is a member |
| (6) | The liquidator causes the audited accounts, or a summary, to be printed and posted to every creditor and contributory; the Tribunal may dispense with this |
Points to note
Twice a year is a minimum. The words are "not less than twice in each year during his tenure of office". The Tribunal or the rules may require more frequent filing.
The Tribunal directs the audit. The Act does not say that the liquidator appoints the auditor. The Tribunal "shall cause the accounts to be audited in such manner as it thinks fit". The liquidator's duty is to supply vouchers and information the Tribunal requires.
Two copies, two destinations. Once audited, one copy is filed with the Tribunal and the other with the Registrar, where any creditor, contributory or interested person can inspect it. So there is a public-facing record at the Registrar's office even though the Tribunal supervises the process.
Government companies. A copy of the audited accounts goes to the Central Government, or a State Government, or both, depending on which is a member of the Government company.
Printing and posting (sub-section 6). The liquidator must print the audited accounts, or a summary, and post a copy to every creditor and every contributory. The proviso lets the Tribunal dispense with this in any case it considers fit, which can be useful where creditors are numerous and the cost would consume assets.
Practical examples
Example 1: the six-monthly account. A liquidator is appointed in January. Because the Act sets a floor of two filings in each year of his tenure, he presents an account of receipts and payments, in duplicate and with a verifying declaration, at intervals that meet the rules and the Tribunal's directions.
Example 2: a contributory's concern. A contributory suspects that sale proceeds are not being recorded properly. He may inspect the liquidator's books under section 293(2), personally or through an agent, subject to the Tribunal's control. If he disagrees with what he finds, he can apply to the Tribunal under section 292(4) against the liquidator's act or decision.
Example 3: many small creditors. A company has thousands of small trade creditors. Printing and posting the audited accounts to each would be costly. The liquidator can ask the Tribunal to dispense with sub-section (6) under its proviso.
Proposed change
No clause of the Corporate Laws (Amendment) Bill, 2026 amends sections 293 or 294. The Bill is pending and is not law as on 30 September 2026.
Need help with liquidator accounts?
Accounts and audits in a winding up have specific filing points, and a missed step can invite the Tribunal's attention. If you want to check what the liquidator must present, or how to use your right to inspect, we can walk you through the provisions. Reach out about legal dispute resolution.
Key takeaways
- Section 293 requires proper books, including minutes of meetings and other prescribed matters.
- Creditors and contributories may inspect those books, subject to the Tribunal's control.
- Section 294 requires books of account and accounts of receipts and payments, presented to the Tribunal at least twice in each year.
- The Tribunal causes the accounts to be audited; the liquidator supplies vouchers and information.
- After audit, one copy is filed with the Tribunal and one with the Registrar, open to inspection.
- Audited accounts (or a summary) must be posted to creditors and contributories unless the Tribunal dispenses with it.
- The Bill, 2026 does not amend these sections and is not law.
Read next
- Sections 290–292: Powers and duties of the Company Liquidator
- Sections 295–298: Contributories, calls and set-off
- Committee of Inspection in winding up: role and functions
- Dissolution after winding up: the final step in a company's life
Disclaimer: Based on the Companies Act, 2013 as amended up to 1 April 2021 (official consolidated text), read with later developments noted in the article; proposals in the Corporate Laws (Amendment) Bill, 2026 are pending and not law as on 30 September 2026. Verify current notifications and rules before acting.