Section 557 - Meetings to ascertain wishes of creditors or contributories. - Companies Act, 1956

Supplementary powers of [Tribunal] Meetings to ascertain wishes of creditors or contributories. 557. (1) In all matters relating to the winding up of a company, the [1] [Tribunal] may ___ (a) have regard to the wishes of creditors or contributories of the company, as proved to it by any sufficient evidence; (b) if it thinks fit for the purpose of ascertaining those wishes, direct meetings of the creditors or contributories to be called, held and conducted in such manner as the 2[Tribunal] directs; and (c) appoint a person to act as chairman of any such meeting and to report the result thereof to the 2[Tribunal]. (2) When ascertaining the wishes of creditors, regard shall be had to the value of each creditor's debt. (3) When ascertaining the wishes of contributories, regard shall be had to the number of votes which may be cast by each contributory. --------------------------------- Notes:- [1] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be n notified.