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

Union of India - Subsection

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

(b)if any suit or other legal proceeding has been instituted against any member for any debt or demand due, or claimed to be due, from the company, or from him in his character of member, and notice in writing of the institution of the suit or other legal proceeding having been served on the company by leaving the same at its principal place of business or by delivering it 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 the same in such manner as the Tribunal may approve or direct, the company has not, within ten days after service of the notice,-
(i)paid, secured or compounded for the debt or demand; or
(ii)procured the suit or other legal proceeding to be stayed; or
(iii)indemnified the defendant to his satisfaction against the suit or other legal proceeding, and against all costs, damages and expenses to be incurred by him by reason of the same;