https://www.taxtmi.com/caselaws?id=96680 On the dominant issue whether the company's affairs justified winding up on just and equitable grounds, the HC found that successive court sanctioned schemes of arrangement had been subverted by directors' conduct, deliberate concealment, and large scale trading of deposits at heavy discounts producing potential undue preferences; resuscitation was no longer reasonably possible and the board could not recover substantial director debts. The court applied the just and equitable principle to reject alternative private liquidation under the schemes and allowed the petition, ordering compulsory winding up of the bank. en-us Wed, 22 May 1935 00:00:00 +0530 Tue, 10 Jan 2012 12:45:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96680 On the dominant issue whether the company's affairs justified winding up on just and equitable grounds, the HC found that successive court sanctioned schemes of arrangement had been subverted by directors' conduct, deliberate concealment, and large scale trading of deposits at heavy discounts producing potential undue preferences; resuscitation was no longer reasonably possible and the board could not recover substantial director debts. The court applied the just and equitable principle to reject alternative private liquidation under the schemes and allowed the petition, ordering compulsory winding up of the bank. Case-Laws Companies Law Wed, 22 May 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96680