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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Companies Act, 1956: Section 500 mandates creditor meeting during voluntary winding up; non-compliance leads to fines.</h1> Section 500 of the Companies Act, 1956 mandates that a company must convene a creditors' meeting on the same day or the day following the general meeting where a resolution for voluntary winding up is proposed. Notices must be sent to creditors and advertised in the Official Gazette and local newspapers. The board must present a comprehensive statement of the company's financial status and appoint a director to preside over the meeting. If the winding-up resolution is passed at an adjourned meeting, any creditor resolution takes effect immediately. Non-compliance by the company or directors results in fines up to ten thousand rupees.
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