Shareholder lacks locus standi to appeal winding up order; only the official liquidator could challenge the interest ruling.

A shareholder had no independent locus standi to challenge an order in winding up proceedings allowing interest on overdrawn company funds, because that right vested in the official liquidator as the proper representative of the company. Leave obtained on the appellate side without notice to the respondents and not from the company court did not cure the defect. Conversion of the matter into a civil revision petition was also refused, as the court would not invoke revisional jurisdiction at the instance of a shareholder when an appeal lay to the official liquidator. The appeal was held incompetent and not maintainable.

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Issues: Whether a shareholder had locus standi to maintain an appeal against an order passed in winding up proceedings allowing interest on overdrawn company funds, and whether the matter could be converted into a civil revision petition at the shareholder's request.

Analysis: The appeal could properly be pursued only by the official liquidator, who alone was competent to challenge the order. The appellant was merely a shareholder and had no independent right to maintain the appeal. Leave obtained on the appellate side without notice to the respondents and not from the company court did not cure the defect. Conversion into revision was also declined because the official liquidator had the right of appeal and the court would not interfere in revision at the instance of a shareholder.

Conclusion: The appeal was incompetent and not maintainable by the shareholder, and conversion into revision was refused.

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