1993 (8) TMI 250

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n have sought winding up against U.P. Mineral Products Ltd. (hereinafter called "the company") under section 433(f) of the Companies Act, (hereinafter called "the Act"). The relief has been sought primarily on the ground that Mr. Manvir Singh (respondent No. 2 herein) contrary to the agreement signed with U.P. State Mineral Corporation (respondent No. 3 herein), which disabled its nominees from di....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... to be approved and sanctioned by the appropriate court. But in this case this procedure has not been followed, and, therefore, the ousting of petitioners Nos. 1 and 2 from the management of the company and from the board of directors is not only mala fide but an illegal act in itself. Hence the petition for winding up. It has further been brought on record that the company was having over invoici....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... board of directors. For these grounds of oppression and mismanagement, alternative remedy is available. Resorting to this extreme remedy of winding up, to my mind, is not necessary. It is only when there is no practical possibility of remedying the mismanagement that it becomes a proper case for winding up on the just and equitable ground. Doing of an unauthorised business and entering into ultra....