https://www.taxtmi.com/caselaws?id=98473 Outstanding forward contracts remain valid where a prohibitory notification operates prospectively and expressly voids options without similarly nullifying existing futures. Director disqualification does not invalidate corporate acts protected by an incorporated validating regulation, and a settlement resolution adopted to protect the company is not improper merely because trading restrictions disrupt ordinary dealings. Frustration requires legal impossibility of performance; settlement by payment of differences or delivery defeats that claim. Just and equitable winding up requires genuine failure of the company's substratum or inability to continue its stated business, not merely curtailment or temporary suspension of one business line. en-us Wed, 15 Nov 1967 00:00:00 +0530 Wed, 24 Jun 2015 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98473 Outstanding forward contracts remain valid where a prohibitory notification operates prospectively and expressly voids options without similarly nullifying existing futures. Director disqualification does not invalidate corporate acts protected by an incorporated validating regulation, and a settlement resolution adopted to protect the company is not improper merely because trading restrictions disrupt ordinary dealings. Frustration requires legal impossibility of performance; settlement by payment of differences or delivery defeats that claim. Just and equitable winding up requires genuine failure of the company's substratum or inability to continue its stated business, not merely curtailment or temporary suspension of one business line. Case-Laws Companies Law Wed, 15 Nov 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98473