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The Companies Act, 2013

Chapter XX - Winding Up (270 - 365)

Section 354- Meetings to ascertain wishes of creditors or contributories.

[ Section 354 notified with effect from 15.12.2016 vide S.O. 3676 (E) dated 07.12.2016]

Section 354- Meetings to ascertain wishes of creditors or contributories. [Corresponds to Section 557 of the Companies Act, 1956]

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

(3) When 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.