https://www.taxtmi.com/caselaws?id=96582 Petitioners who were original shareholders and held shares for the statutory period qualify as contributories with locus standi despite alleged forfeiture. Material showed prolonged failure to prepare audited accounts, dysfunctional directorate, closure of branches, inadequate cash, liabilities exceeding assets, rival control and retention of books, and alleged bogus receipts; these facts establish mismanagement, incapacity to meet debts and danger to company property, justifying winding up under Section 162 and appointment of official liquidators to realise assets and distribute proceeds. en-us Mon, 22 Feb 1932 00:00:00 +0530 Mon, 09 Jan 2012 15:38:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96582 Petitioners who were original shareholders and held shares for the statutory period qualify as contributories with locus standi despite alleged forfeiture. Material showed prolonged failure to prepare audited accounts, dysfunctional directorate, closure of branches, inadequate cash, liabilities exceeding assets, rival control and retention of books, and alleged bogus receipts; these facts establish mismanagement, incapacity to meet debts and danger to company property, justifying winding up under Section 162 and appointment of official liquidators to realise assets and distribute proceeds. Case-Laws Companies Law Mon, 22 Feb 1932 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96582