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Notwithstanding anything to the contrary
contained in 1[
2[section 460] of the Companies Act, 1956 (1 of 1956)], the 3[High Court] may, in the
proceedings for winding up a banking company, dispense with any meetings of creditors or
contributories 4*** if it considers that no object will be secured thereby sufficient to justify the delay
and expense.
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1. Subs. by Act 95 of 1956, s. 14 and the Schedule, for "sections 178A and 183 of the Indian Companies Act 1913 (7 of 1913)" (w.e.f. 14-1-1957).
2. Subs. by Act 1 of 1984, s. 33, for "sections 460, 464, and 465" (w.e.f. 15-2-1984).
3. Subs. by Act 52 of 1953, s. 4, for "Court" (w.e.f. 30-12-1953).
4. The words "or with the appointment of a committee of inspection" omitted by Act 1 of 1984, s. 33 (w.e.f. 15-2-1984).