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[Cites 0, Cited by 0] [Section 22(8)] [Section 22] [Entire Act]

Union of India - Subsection

Section 22(8)(c) in The Companies (Incorporation) Rules, 2014

(c)any accumulated profit or unutilised income of the company brought forward from previous years shall be first utilized to settle all outstanding statutory dues, amounts due to lenders claims of creditors, suppliers, service providers and others including employees and lastly any loans advanced by the promoters or members or any other amounts due to them and the balance, if any, shall be transferred to the Investor Education and Protection Fund within thirty days of receiving the approval for conversion;