https://www.taxtmi.com/caselaws?id=99008 A company may be wound up where it has remained inactive for a long period after incorporation, gives no satisfactory explanation for the delay, and shows no realistic prospect of carrying on business profitably. The text treats prolonged non-commencement of business, speculative assertions of future activity without supporting material, absence of reserve and surplus, and recurring early losses as indicators that the company's substratum has failed. On those facts, the just and equitable ground and the ground of inability to commence business were regarded as properly attracted, and the winding-up petition was allowed. en-us Fri, 03 Aug 1973 00:00:00 +0530 Tue, 24 Jan 2012 18:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99008 A company may be wound up where it has remained inactive for a long period after incorporation, gives no satisfactory explanation for the delay, and shows no realistic prospect of carrying on business profitably. The text treats prolonged non-commencement of business, speculative assertions of future activity without supporting material, absence of reserve and surplus, and recurring early losses as indicators that the company's substratum has failed. On those facts, the just and equitable ground and the ground of inability to commence business were regarded as properly attracted, and the winding-up petition was allowed. Case-Laws Companies Law Fri, 03 Aug 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99008