https://www.taxtmi.com/caselaws?id=99673 A banking company that transfers its banking undertaking and thereafter carries on no substantive business may be treated as having lost its substratum, because the main object of the memorandum has ceased and only incidental activities remain. In that setting, winding up on just and equitable grounds may be justified. The note also states that proposed changes to the company's name and objects, especially where the special notice and explanatory statement appear deficient, do not necessarily defeat a winding-up petition or convert it into an abuse of process. The company's prior stance on voluntary winding up further supported rejection of the abuse argument. en-us Thu, 08 Jun 1978 00:00:00 +0530 Sat, 28 Jan 2012 12:35:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99673 A banking company that transfers its banking undertaking and thereafter carries on no substantive business may be treated as having lost its substratum, because the main object of the memorandum has ceased and only incidental activities remain. In that setting, winding up on just and equitable grounds may be justified. The note also states that proposed changes to the company's name and objects, especially where the special notice and explanatory statement appear deficient, do not necessarily defeat a winding-up petition or convert it into an abuse of process. The company's prior stance on voluntary winding up further supported rejection of the abuse argument. Case-Laws Companies Law Thu, 08 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99673