https://www.taxtmi.com/caselaws?id=100188 The court granted a permanent stay of voluntary winding-up proceedings and allowed the revival of the company for establishing a cement plant. The applicant, authorized to present the application, successfully argued for the stay under sections 518 and 466 of the Companies Act, 1956. The court emphasized shareholders' ability to revive the company themselves to prevent further winding-up steps, considering the national interest in increased cement production. The decision enabled the shareholders to elect a new board of directors and pursue the company's objectives, emphasizing the court's power to stay winding-up based on justifiable reasons for revival. en-us Wed, 24 Feb 1982 00:00:00 +0530 Tue, 31 Jan 2012 15:19:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100188 The court granted a permanent stay of voluntary winding-up proceedings and allowed the revival of the company for establishing a cement plant. The applicant, authorized to present the application, successfully argued for the stay under sections 518 and 466 of the Companies Act, 1956. The court emphasized shareholders' ability to revive the company themselves to prevent further winding-up steps, considering the national interest in increased cement production. The decision enabled the shareholders to elect a new board of directors and pursue the company's objectives, emphasizing the court's power to stay winding-up based on justifiable reasons for revival. Case-Laws Companies Law Wed, 24 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100188