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[Cites 0, Cited by 1] [Section 583(5)] [Section 583] [Entire Act]

Union of India - Subsection

Section 583(5)(a) in The Companies Act, 1956

(a)if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding five hundred rupees then due, has served on the company, by leaving at its principal place of business, or by delivering to the secretary, or some Director, [* * *] [ The words " managing agent, secretaries and treasurers," omitted by Act 53 of 2000, Section 214 (w.e.f. 13.12.2000).] manager or principal officer of the company, or by otherwise serving in such manner as the [Tribunal] [ Substituted by Act 11 of 2003, Section 115, for " Court" .] may approve or direct, a demand under his hand requiring the company to pay the sum so due, and the company has, for three weeks after the service of the demand, neglected to pay the sum or to secure or compound for it to the satisfaction of the creditor;