law: Companies Act, 2013 
  350.
  
    Company
  
  Liquidator to deposit monies into scheduled bank.
  1.      Every Company
  
  Liquidator of a company shall, in such manner and at such times as may be
  
  prescribed, deposit the monies received by him in his capacity as such in a
  
  scheduled bank to the credit of a special bank account opened by him in that
  
  behalf:
  Provided
  
  that if the Tribunal considers that it is advantageous for the creditors or
  
  contributories or the company, it may permit the account to be opened in such
  
  other bank specified by it.
  1.     
  2.      If any Company
  
  Liquidator at any time retains for more than ten days a sum exceeding five
  
  thousand rupees or such other amount as the Tribunal may, on the application of
  
  the Company Liquidator, authorise him to retain, then, unless he explains the
  
  retention to the satisfaction of the Tribunal, 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 Tribunal;
  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 may
  
  consider just and proper, disallowed, or may also be removed from his office.