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[Cites 0, Cited by 0] [Section 494] [Entire Act]

Union of India - Subsection

Section 494(5) in The Companies Act, 1956

(5)A special resolution shall not be invalid for the purposes of this section by reason only that it is passed before or concurrently with a resolution for voluntary winding up or for appointing Liquidators, but if an order is made within a year for winding up the company by [the Tribunal], the special resolution shall not be valid unless it is [sanctioned by the Tribunal] [ Substituted by Act 11 of 2003, Section 84, for " sanctioned by the Court" .].