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of <h1>Committee of Inspection Under Section 464: Roles, Quorum, and Vacancies in Company Liquidation Process</h1> A committee of inspection, formed under section 464 of the Companies Act, 1956, comprises up to twelve members who are creditors or contributories of the company. This committee can inspect the liquidator's accounts and meets as needed, with a quorum of one-third of members or two, whichever is higher. Decisions are made by majority vote, provided a quorum is present. Members can resign or be removed under specific conditions, and vacancies are filled by meetings of creditors or contributories. If deemed unnecessary, the liquidator may seek tribunal approval to leave a vacancy unfilled. The committee can function with at least two members despite vacancies.
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