https://www.taxtmi.com/caselaws?id=97722 Where the company's paramount object of banking became impossible to pursue and operations ceased, the HC applied the substratum principle and held that winding up is appropriate because the company cannot resume its declared business; alternatively, the court found just and equitable grounds where dominant shareholders and board control benefited the majority (Goenka group) through large connected-party advances and negligible repayments to the prejudice of the minority, making continuation oppressive. The court rejected availability of alternate remedies as adequate and granted the petition for winding up. en-us Tue, 17 May 1960 00:00:00 +0530 Tue, 17 Jan 2012 17:47:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97722 Where the company's paramount object of banking became impossible to pursue and operations ceased, the HC applied the substratum principle and held that winding up is appropriate because the company cannot resume its declared business; alternatively, the court found just and equitable grounds where dominant shareholders and board control benefited the majority (Goenka group) through large connected-party advances and negligible repayments to the prejudice of the minority, making continuation oppressive. The court rejected availability of alternate remedies as adequate and granted the petition for winding up. Case-Laws Companies Law Tue, 17 May 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97722