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[Cites 0, Cited by 0] [Section 530(4)] [Section 530] [Entire Act]

Union of India - Subsection

Section 530(4)(ii) in The Companies Act, 1956

(ii)to him, or in the case of his death, to any other person in his right, on account of accrued holiday remuneration, out of money advanced by some person for that purpose, the person by whom the money was advanced shall, in a winding up, have a right of priority in respect of the money so advanced and paid, up to the amount by which the sum in respect of which the employee or other person in his right, would have been entitled to priority in the winding up has been diminished by reason of the payment having been made.