Companies Act

Section 354. Meetings To Ascertain Wishes Of Creditors Or Contributories

(1) In all matters relating to the winding up of a company, the Tribunal may–

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(a) have regard to the wishes of creditors or contributories of the company, as proved to it by any sufficient evidence;

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(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

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

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

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(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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