https://www.taxtmi.com/caselaws?id=98274 A contributory of an insolvent company has no standing to present a winding-up petition unless a tangible surplus for shareholders is shown after payment of debts and liabilities; the partnership analogy does not enlarge that statutory right. In a quasi-partnership company, the articles govern the parties' rights, and a just and equitable winding up requires proof that the challenged board changes or casting vote were not exercised bona fide in the company's interests. On the facts stated, the disputed control changes and casting vote could be consistent with the company's best interests, and no lack of probity was shown. 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 has no standing to present a winding-up petition unless a tangible surplus for shareholders is shown after payment of debts and liabilities; the partnership analogy does not enlarge that statutory right. In a quasi-partnership company, the articles govern the parties' rights, and a just and equitable winding up requires proof that the challenged board changes or casting vote were not exercised bona fide in the company's interests. On the facts stated, the disputed control changes and casting vote could be consistent with the company's best interests, and no lack of probity was shown. Case-Laws Companies Law Wed, 02 Feb 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98274