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Amendment of section 197

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Full Text of the Document

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....eneral meeting,", the words "by a special resolution," shall be inserted; (iii) after the second proviso, the following proviso shall be inserted, namely:- "Provided also that, where the company has defaulted in payment of dues to any bank or public financial institution or non-convertible debenture holders or any other secured creditor, the prior approval of the bank or pu....

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Full Text of the Document

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....until such sum is refunded, hold it in trust for the company."; (d) in sub-section (10),- (i) for the words "permitted by the Central Government", the words "approved by the company by special resolution within two years from the date the sum becomes refundable" shall be substituted; (ii) the following proviso shall be inserted, namely:- "Provided that where th....

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