https://www.taxtmi.com/caselaws?id=98274 A contributory of an insolvent company may present a winding-up petition only where a tangible surplus for shareholders, or a comparable shareholder interest, is shown after debts and liabilities. The partnership analogy in a quasi-partnership company may inform whether winding up is just and equitable, but does not extend statutory standing. Board-control changes and a chairman's casting vote, even if permitted by the articles, require proof that they were not exercised bona fide in the company's interests. Without evidence of lack of probity or a shareholder surplus, winding-up relief is unavailable. en-us Wed, 02 Feb 1966 00:00:00 +0530 Thu, 19 Jan 2012 18:27:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98274 A contributory of an insolvent company may present a winding-up petition only where a tangible surplus for shareholders, or a comparable shareholder interest, is shown after debts and liabilities. The partnership analogy in a quasi-partnership company may inform whether winding up is just and equitable, but does not extend statutory standing. Board-control changes and a chairman's casting vote, even if permitted by the articles, require proof that they were not exercised bona fide in the company's interests. Without evidence of lack of probity or a shareholder surplus, winding-up relief is unavailable. Case-Laws Companies Law Wed, 02 Feb 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98274