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Statutory Provisions

Home Acts & Rules Bill Bills COMPANIES BILL, 2011 Chapters List Chapter XX - Part III Provisions applicable to every mode of winding up This

Clause 354 - Meetings to ascertain wishes of creditors or contributories. - COMPANIES BILL, 2011

COMPANIES BILL, 2011
Chapter XX - Part III
Provisions applicable to every mode of winding up
  • Contents

Meetings to ascertain wishes of creditors or contributories.

     354. (1) In all matters relating to the winding up of a company, the 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 Tribunal may direct; and

           (c) appoint a person to act as chairman of any such meeting and to report the result thereof to the Tribunal.

      (2) While ascertaining the wishes of creditors under sub-section (1), regard shall be had to the value of each debt of the creditor.

      (3) While ascertaining the wishes of contributories under sub-section (1), regard shall be had to the number of votes which may be cast by each contributory.

 
 
 
 

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