Section 221 — Freezing of assets of company on inquiry and investigation

(1) Where it appears to the
Tribunal, on a reference made to it by the Central Government or in connection with any inquiry or
investigation into the affairs of a company under this Chapter or on any complaint made by such number
of members as specified under sub -section ( 1) of section 244 or a creditor having one lakh amount
outstanding against the company or any other person having a reasonable ground to believe that the
removal, transfer or disposal of funds, assets, properties of the company is likely to take place in a manner
that is prejudicial to the interests of the company or its shareholders or creditors or in public interest, it may
by order direct that such transfer, removal or disposal shall not take place during such period not exceeding
three years as may be specified in the order or may take place subject to such conditions and restrictions as
the Tribunal may deem fit.
(2) In case of any removal, tr ansfer or disposal of funds, assets, or properties of the company in