Section 90 in The Companies (Second Amendment) Act, 2002
90. Substitution of new section for section 515.- For section 515 of the principal Act, the following section shall be substituted, namely:-" 515. Power of Tribunal to appoint and remove liquidator in voluntary winding up.- (1) If from any cause whatever, there is no liquidator acting, the Tribunal may appoint the Official Liquidator or any other person as a liquidator.(2) The Tribunal may, on cause shown, remove a liquidator and appoint the Official Liquidator or any other person as a liquidator in place of the removed liquidator.
(3)The Tribunal may also appoint or remove a liquidator on the application made by the Registrar in this behalf.(4)If the Official Liquidator is appointed as liquidator under the proviso to sub- section (2) of section 502 or under this section, the remuneration to be paid to him shall be fixed by the Tribunal and shall be credited to the Central Government.".
