https://www.taxtmi.com/caselaws?id=97876 Winding-up on substratum grounds requires proof that the company's primary object has become impossible of fulfilment; the HC applied this test and examined the memorandum to determine whether objects are independent. Where paragraphs in the memorandum operate independently and allow alternative objects, switching activities authorised thereby does not prove failure of substratum. On the facts - factory leased to preserve the business, lessee continuing manufacture, licensing and finance sought, and ongoing modest profitable trading - the court found no impossibility or overwhelming improbability of resumption and dismissed the petition for compulsory winding up. en-us Wed, 05 Jul 1961 00:00:00 +0530 Wed, 18 Jan 2012 14:28:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97876 Winding-up on substratum grounds requires proof that the company's primary object has become impossible of fulfilment; the HC applied this test and examined the memorandum to determine whether objects are independent. Where paragraphs in the memorandum operate independently and allow alternative objects, switching activities authorised thereby does not prove failure of substratum. On the facts - factory leased to preserve the business, lessee continuing manufacture, licensing and finance sought, and ongoing modest profitable trading - the court found no impossibility or overwhelming improbability of resumption and dismissed the petition for compulsory winding up. Case-Laws Companies Law Wed, 05 Jul 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97876