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of <h1>Proxy Holders Barred from Voting for Personal Gain at Creditor Meetings Under Companies (Winding Up) Rules, 2020, Rule 72.</h1> A proxy holder is prohibited from voting on resolutions at meetings of creditors and contributories if the outcome would result in personal financial gain. This rule applies to both general and special proxies. The restriction ensures that the proxy holder, their partner, or employer cannot receive any remuneration from the company's assets beyond what is due to them as a creditor, in equal measure with other creditors. This provision is part of the Companies (Winding Up) Rules, 2020, specifically Rule 72, under the Companies Law.
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