(2)If any such Liquidator at any time retains for more than ten days a sum exceeding five hundred rupees or such other amount as the [Tribunal] [ Substituted by Act 11 of 2003, Section 108, for " Court" .] may, on the application of the Liquidator, authorise him to retain, then, unless he explains the retention to the satisfaction of the [Tribunal] [ Substituted by Act 11 of 2003, Section 108, for " Court" .], he shall-(a)pay interest on the amount so retained in excess, at the rate of twelve per cent per annum and also pay such penalty as may be determined by the Registrar;(b)be liable to pay any expenses occasioned by reason of his default; and(c)also be liable to have all or such part of his remuneration as the [Tribunal] [ Substituted by Act 11 of 2003, Section 108, for " Court" .] may think just, disallowed, and to be removed from his office by the [Tribunal] [ Substituted by Act 11 of 2003, Section 108, for " Court" .].
