State Act

The Maharashtra Non-trading Corporations Act

63. Investigation of affairs of corporation.— Where on the application of any member of a corporation or otherwise the State Government is of the opinion that there are circumstances suggesting— (i) that the business of any corporation is being conducted with intent to defraud its creditors, members or any other persons, or otherwise for a fraudulent or unlawful purpose, or in a manner oppressive of any of its members, or that the corporation was formed for any fraudulent or unlawful purpose; (ii) that the person concerned in the formation of the corporation or the management of its affairs have in connection therewith been guilty of fraud, misfeasance or other misconduct towards the corporation or towards any of its members; or (iii) that the members of the corporation have not been given all the information with respect to its affairs which they might reasonably expect, the State Government may appoint or direct the Registrar to appoint a competent person to investigate the affairs of the corporation and to report thereon in such manner as the State Government may direct.