Meetings to ascertain wishes of creditors or contributories

Section 354 of the Companies Act, 2013 deals with meetings to ascertain wishes of creditors or contributories. 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; The Act came into force on 01 Apr 2014.

(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.

Section 354, The Companies Act, 2013 (Act 18 of 2013).