https://www.taxtmi.com/caselaws?id=200346 A private limited company may be treated as a quasi-partnership where it was formed and conducted on the basis of mutual confidence, shared management and closely connected groups; in that setting, breakdown of confidence and exclusion from management can justify winding up on just and equitable grounds. The partnership principle is not limited to deadlock, and the relevant inquiry is whether the company's continuance has become impossible in substance. As the final hearing had not yet occurred in the trial court, the appellate court allowed the appeals, set aside the impugned order, and remanded the winding-up petition, provisional liquidator application and injunction application for rehearing. en-us Thu, 25 Sep 1969 00:00:00 +0530 Mon, 26 Mar 2018 15:05:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200346 A private limited company may be treated as a quasi-partnership where it was formed and conducted on the basis of mutual confidence, shared management and closely connected groups; in that setting, breakdown of confidence and exclusion from management can justify winding up on just and equitable grounds. The partnership principle is not limited to deadlock, and the relevant inquiry is whether the company's continuance has become impossible in substance. As the final hearing had not yet occurred in the trial court, the appellate court allowed the appeals, set aside the impugned order, and remanded the winding-up petition, provisional liquidator application and injunction application for rehearing. Case-Laws Companies Law Thu, 25 Sep 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200346