Hi Ekta,
I would say that the kind of meeting depends on what you are trying to achieve. From my experience, the more informal it is, the more are people willing to open and bring up real issues to the forefront. Especially when the individual is assured of his/her confidentiality.
However, as a note of caution, I must say that it is equally important to get back to the same participants a little later(either in a similar meeting or individually ) to brief them on what is being done about what they discussed. Otherwise people may tend to feel disillusioned about having risked their working relationships for nothing.
Cheers!
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