Companies Act, 1956

Section - 393 - Information as to compromises or arrangements with creditors and members

Information as to compromises or arrangements with creditors and members.

393. (1) Where a meeting of creditors or any class of creditors, or of members or any class of members, is called under ,—

         (a)  with every notice calling the meeting which is sent to a creditor or member, there shall be sent also a statement setting forth the terms of the compromise or arrangement and explaining its effect, and in particular, stating any material interests of the directors, managing director [***] or manager of the company, whether in their capacity as such or as members or creditors of the company or otherwise, and the effect on those interests, of the compromise or arrangement, if, and in so far as, it is different from the effect on the like interests of other persons; and

         (b)  in every notice calling the meeting which is given by advertisement, there shall be included either such a statement as aforesaid or a notification of the place at which and the manner in which creditors or members entitled to attend the meeting may obtain copies of such a statement as aforesaid.

(2) Where the .... To read the full section download the app from Google Play store