https://www.taxtmi.com/caselaws?id=98341 The court dismissed the contributory winding up petition filed under the just and equitable clause, emphasizing the statutory provisions allowing voluntary liquidation or compulsory winding up. Despite allegations of mismanagement and financial losses, the court found the grounds insufficient for a winding up order. It clarified that the power to sell assets rested with the board, not the general meeting, and questioned the petitioner's motives, deeming the petition an abuse of court process. The court lifted the injunction and dismissed the petition with costs, highlighting the company's ability to continue operations and explore new ventures. en-us Fri, 22 Jul 1966 00:00:00 +0530 Fri, 20 Jan 2012 12:18:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98341 The court dismissed the contributory winding up petition filed under the just and equitable clause, emphasizing the statutory provisions allowing voluntary liquidation or compulsory winding up. Despite allegations of mismanagement and financial losses, the court found the grounds insufficient for a winding up order. It clarified that the power to sell assets rested with the board, not the general meeting, and questioned the petitioner's motives, deeming the petition an abuse of court process. The court lifted the injunction and dismissed the petition with costs, highlighting the company's ability to continue operations and explore new ventures. Case-Laws Companies Law Fri, 22 Jul 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98341