https://www.taxtmi.com/caselaws?id=100117 A company may be wound up when its real and dominant business has been destroyed, even if its memorandum contains wide objects. The Court treated the acquisition of the banking undertaking as having destroyed the substratum and held that, in the circumstances, it was just and equitable to wind up the company because dissenting shareholders should not be compelled to finance a wholly new venture with government compensation. Relief for oppression under sections 397 and 398 required proof of continuous oppressive conduct and that winding up would unfairly prejudice the applicants; that test was not met, and complaints about compensation, meetings, and majority control did not establish oppression or mismanagement. en-us Fri, 19 Mar 1982 00:00:00 +0530 Tue, 31 Jan 2012 12:36:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100117 A company may be wound up when its real and dominant business has been destroyed, even if its memorandum contains wide objects. The Court treated the acquisition of the banking undertaking as having destroyed the substratum and held that, in the circumstances, it was just and equitable to wind up the company because dissenting shareholders should not be compelled to finance a wholly new venture with government compensation. Relief for oppression under sections 397 and 398 required proof of continuous oppressive conduct and that winding up would unfairly prejudice the applicants; that test was not met, and complaints about compensation, meetings, and majority control did not establish oppression or mismanagement. Case-Laws Companies Law Fri, 19 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100117