https://www.taxtmi.com/caselaws?id=198150 A contributory winding up petition may be restrained as an abuse of process where it is not pursued bona fide for liquidation but is used to apply pressure, especially when the petitioner previously participated in, approved, or ratified the company's impugned resolutions, accounts, and arrangements. Allegations of mismanagement, fraud, accounting irregularities, and commercial insolvency will not support winding up on just and equitable grounds when they lack particulars, are contradicted by audited records, or concern matters already ratified by shareholders. A prosperous, profitable, solvent company supported by the overwhelming majority of shareholders was treated as unsuitable for liquidation on the facts stated. en-us Thu, 19 Sep 1963 00:00:00 +0530 Wed, 24 Jan 2018 11:17:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198150 A contributory winding up petition may be restrained as an abuse of process where it is not pursued bona fide for liquidation but is used to apply pressure, especially when the petitioner previously participated in, approved, or ratified the company's impugned resolutions, accounts, and arrangements. Allegations of mismanagement, fraud, accounting irregularities, and commercial insolvency will not support winding up on just and equitable grounds when they lack particulars, are contradicted by audited records, or concern matters already ratified by shareholders. A prosperous, profitable, solvent company supported by the overwhelming majority of shareholders was treated as unsuitable for liquidation on the facts stated. Case-Laws Companies Law Thu, 19 Sep 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198150