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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