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

Union of India - Subsection

Section 494(3) in The Companies Act, 1956

(3)If any member of the transferor company who did not vote in favour of the special resolution expresses his dissent therefrom in writing addressed to the Liquidator, and left at the registered office of the company within seven days after the passing of the resolution, he may require the Liquidator either-
(a)to abstain from carrying the resolution into effect; or
(b)to purchase his interest at a price to be determined by agreement, or by arbitration in the manner provided by this section.