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of <h1>Courts can wind up companies using 'just and equitable' clause when fairness demands intervention beyond strict legal requirements</h1> The 'just and equitable' clause in company law originates from partnership law principles of probity, good faith, and mutual confidence. This clause allows courts to apply equitable considerations over statutory legal rights. The terms are not limited to specific categories but encompass broad circumstances including company history issues, shareholder relationship problems, functional deadlock, justifiable lack of confidence, bubble companies, and fraudulent inception cases. Courts have discretionary power to wind up companies when statutory grounds may not strictly apply but equity demands intervention. The clause serves as a safety valve ensuring fairness beyond rigid legal frameworks.
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