Section - 503 - Companies Act, 1956

Section - 503 - Appointment of committee of inspection

Appointment of committee of inspection.

503. (1) The creditors at the meeting to be held in pursuance of

or at any subsequent meeting may, if they think fit, appoint a committee of inspection consisting of not more than five persons.

(2) If such a committee is appointed, the company may, either at the meeting at which the resolution for voluntary winding up is passed or at any subsequent general meeting, appoint such number of persons (not exceeding five) as they think fit to act as members of the committee:

Provided that the creditors may, if they think fit, resolve that all or any of the persons so appointed by the company ought not to be members of the committee of inspection.

(3) If the creditors so resolve, the persons mentioned in the resolution shall not, unless the

[Tribunal] otherwise directs, be qualified to act as members of the committee.

(4) On any application to the

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