https://www.taxtmi.com/caselaws?id=96718 In winding up, a contributory may be permitted to sue in the company's name when the liquidator refuses to act, if the claim properly belongs to the company and the proposed proceedings are bona fide rather than frivolous, vexatious or oppressive. The court supervising liquidation must protect the interests of all stakeholders and exercise its discretion on correct principles, including scrutiny of whether proper indemnity is offered. The prior failure of related litigation did not bar the company from pursuing its own rights. The appellate court therefore set aside the refusals below and allowed the proposed action in the company's name with costs. en-us Wed, 29 Jul 1936 00:00:00 +0530 Tue, 10 Jan 2012 15:43:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96718 In winding up, a contributory may be permitted to sue in the company's name when the liquidator refuses to act, if the claim properly belongs to the company and the proposed proceedings are bona fide rather than frivolous, vexatious or oppressive. The court supervising liquidation must protect the interests of all stakeholders and exercise its discretion on correct principles, including scrutiny of whether proper indemnity is offered. The prior failure of related litigation did not bar the company from pursuing its own rights. The appellate court therefore set aside the refusals below and allowed the proposed action in the company's name with costs. Case-Laws Companies Law Wed, 29 Jul 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96718