Companies Act, 1956
Sec 490 - Power of company to appoint and fix remuneration of liquidators.
(1) The company in general meeting shall -
(a) appoint one or more liquidators for the purpose of winding up the affairs and distributing the assets of the company ; and
(b) fix the remuneration, if any, to be paid to the liquidator or liquidators.
(2) Any remuneration, so fixed shall not be increased in any circumstances whatever, whether with or without the sanction of the Court.
(3) Before the remuneration of the liquidator or liquidators is fixed as aforesaid, the liquidator, or any of the liquidators, as the case may be, shall not take charge of his office.