https://www.taxtmi.com/caselaws?id=257435 The Bombay High Court considered whether a telecom company had lost its substratum after cancellation of UAS licences, whether shareholder relations had broken down irretrievably, and whether a proposed revival scheme could prevent winding up on the just and equitable ground. It found that the company could no longer pursue its principal business, that there was a complete deadlock and collapse of trust and probity between the principal shareholders and management, and that the revival proposal was vague, speculative, and unsupported by realistic funding or operational details. The court therefore treated the case as one for winding up on the just and equitable ground. en-us Fri, 20 Feb 2015 00:00:00 +0530 Thu, 12 Mar 2015 10:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257435 The Bombay High Court considered whether a telecom company had lost its substratum after cancellation of UAS licences, whether shareholder relations had broken down irretrievably, and whether a proposed revival scheme could prevent winding up on the just and equitable ground. It found that the company could no longer pursue its principal business, that there was a complete deadlock and collapse of trust and probity between the principal shareholders and management, and that the revival proposal was vague, speculative, and unsupported by realistic funding or operational details. The court therefore treated the case as one for winding up on the just and equitable ground. Case-Laws Companies Law Fri, 20 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257435