https://www.taxtmi.com/caselaws?id=96868 Winding-up petitions were considered on two principal grounds: substratum gone/commercial insolvency and investigatory relief for alleged mismanagement. The legal test requires demonstrable failure of the company's object, insufficiency of existing and probable assets to meet liabilities, or no reasonable prospect of profitable trading; applying these tests the petition failed and winding up was refused. The Court also held that unparticularised allegations of mismanagement and ultra vires borrowings do not justify an inquisitorial investigation in winding-up proceedings where majority shareholders have sanctioned conduct, internal inquiries are underway and no creditor pressure exists; investigation in winding up was therefore denied. en-us Mon, 24 Nov 1941 00:00:00 +0630 Wed, 11 Jan 2012 17:12:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96868 Winding-up petitions were considered on two principal grounds: substratum gone/commercial insolvency and investigatory relief for alleged mismanagement. The legal test requires demonstrable failure of the company's object, insufficiency of existing and probable assets to meet liabilities, or no reasonable prospect of profitable trading; applying these tests the petition failed and winding up was refused. The Court also held that unparticularised allegations of mismanagement and ultra vires borrowings do not justify an inquisitorial investigation in winding-up proceedings where majority shareholders have sanctioned conduct, internal inquiries are underway and no creditor pressure exists; investigation in winding up was therefore denied. Case-Laws Companies Law Mon, 24 Nov 1941 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=96868