M. 5.

MINUTES OF THE EXTRAORDINARY GENERAL MEETING FOR

CREDITORS’ WINDING UP
XYZ LIMITED
5, Avenue Road, Bombay-400 005
Present : 1. Mr. X
2. Mr. Y
3. Mr. Z
4. 10 Shareholders
5. Mr. R, Company Secretary.
Chairman of the meeting
Pursuant to the article of the articles of association of the company,
Mr. X, Chairman of the Board took the chair.
Requisite quorum present and the chairman called the meeting to order.
Mr. X took the Chair
The Secretary read the notice convening the meeting.
The Chairman informed the members that in view of the dwindling income
and mounting liabilities, it would not be possible to settle the dues of the
creditors and hence it is proposed to put the company under creditors’
winding up.
Winding up of the company
Proposed by :
Seconded by :
“RESOLVED that, pursuant to section 500 of the Companies Act, 1956 the
Company be wound up voluntarily by the Creditors.”
The Chairman put the motion to vote on a show of hands and declared the
same carried unanimously
Appointment of liquidator of the company.
Proposed by :
Seconded by :
“RESOLVED that Mr. Y, be and is hereby appointed as a liquidator of the
Company on a remuneration of 2% of the amount credited to the
realisation account and 1% of the amount debited to the realisation
account subject, however, to a minimum of Rs. 5,000 per month plus
actual out of pocket expenses incurred in connection with the
performance of duties and that the said liquidator be and is hereby
authorised to exercise all powers as specified under sections 512 and
546, read with section 457 of the Companies Act, 1956.”
The Chairman put the motion to vote on a show of hands and declared the
same carried unanimously.
Appointment of committee of Inspection
Proposed by :
Seconded by :
“RESOLVED that a committee of inspection consisting of the following
three members be and is hereby constituted and that the said
committee of inspection be authorised to discharge the functions
specified in the Companies Act, 1956.”
The Chairman put the motion to vote on a show of hands and declared the
same carried unanimously.
The meeting ended with a vote of thanks to the Chair.
Date :
Chairman