Section 354 of the Companies Act, 2013: Meetings to ascertain wishes of creditors or contributories

The Companies Act, 2013

Chapter– XX Winding Up 

Part III- Provision applicable to every mode of winding up 

Section 354: 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.


Reference

*Effective from 15.12.2016.

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