https://www.taxtmi.com/caselaws?id=97722 A company formed primarily as a banking concern was found to have lost its substratum after its banking business ceased following regulatory intervention, and a later conversion attempt did not revive that business. Although its memorandum contained wider objects, the banking business remained the paramount object in light of its structure, name and articles. The company's funds were substantially tied up in concerns controlled by the dominant shareholder group, recoveries were negligible, and minority shareholders derived no practical benefit. In those circumstances, continued existence would only serve the controlling group, and the availability of other remedies did not make winding up inappropriate. The court concluded that the substratum had disappeared and that it was just and equitable to wind up the company. 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 A company formed primarily as a banking concern was found to have lost its substratum after its banking business ceased following regulatory intervention, and a later conversion attempt did not revive that business. Although its memorandum contained wider objects, the banking business remained the paramount object in light of its structure, name and articles. The company's funds were substantially tied up in concerns controlled by the dominant shareholder group, recoveries were negligible, and minority shareholders derived no practical benefit. In those circumstances, continued existence would only serve the controlling group, and the availability of other remedies did not make winding up inappropriate. The court concluded that the substratum had disappeared and that it was just and equitable to wind up the company. Case-Laws Companies Law Tue, 17 May 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97722