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Union of India - Section

Section 40 in Companies (Winding Up) Rules, 2020

40. Advisory committee not to make profit.

- No member of the advisory committee shall except under the order of the Tribunal directly or indirectly by himself or through his employer partner clerk agent servant or relative be entitled to derive any profit from any transaction arising out of the winding up or to receive out of the assets any payment for services rendered by him in connection with the administration of the assets or for any goods supplied by him to the Company Liquidator for or on account of the company and where any profit or payment has been made contrary to the provisions of this rule such payment shall be disallowed or the profit shall be recovered as the case may be on the audit of the such liquidator's accounts or otherwise.