Winding up on, Business Law and Ethics

Assignment Help:

WINDING UP ON:

"THE JUST AND EQUITABLE GROUND":

Unlike the other five grounds this one is widely interpreted and it is no objection that the petition is based on facts unlike the other grounds, (i.e. the ejusdem generis rule does not apply) or facts without precedent (as regards the just and equitable ground itself.  The just and equitable ground is usually relied on by a member (contributory) who is dissatisfied with or is at loggerheads with the directors or controlling shareholders over the management of the company.  But something more than dissatisfaction is needed to make it just and equitable that the company should be wound up.  Although the court has a wide discretionary power, winding up orders have been made in the following situations:

The substratum of the company has gone, i.e. the only main object(s) of the company (its underlying basis or substratum) cannot be or can no longer be achieved:

                                                  Case: RE GERMAN DATE COFFEE CO. (1882)

The objects clause specified with much particularity that the sole object was to manufacture coffee from dates under a German patent.  The German government refused to grant a patent.  The company manufactured coffee under a Swedish patent for sale in German.  A contributory petition for compulsory winding up.


Related Discussions:- Winding up on

Committal stage - reading, Committal Stage: In this such order 103 off...

Committal Stage: In this such order 103 offers that a Bill having been read a second moment shall stand committed to a committee of the Whole House, unless the House commits t

Objects of the law society, Objects of the Law Society Whereas under s...

Objects of the Law Society Whereas under sec 4 of the Act society object as established are as: For maintain and improve the standards of learning and conduct of

Rights and duties justice and fairness, please explain these topic to me in...

please explain these topic to me in detail as soon as possible so that i can make my assignment accordingly

Corporate social responsibility, Corporate Social Responsibility (CSR) has ...

Corporate Social Responsibility (CSR) has become a key aspect in the activities of an organization in the context of environment and community development, employees, customer serv

Significance of registration, Significance of Registration:           ...

Significance of Registration:           S.389 provides that "no company or association or may partnership consisting of more than twenty persons shall be formed... except it i

Explain the white paper of parliamentary procedures, Explain the white pape...

Explain the white paper of parliamentary procedures. White Paper: It sets out the intention of the legislation and takes in account comments which have been received onto

Contractual capacity of corporations, Contractual Capacity of Corporations ...

Contractual Capacity of Corporations However the courts have developed known as the doctrine to "ultra vires" in order for determines the contractual capacity for legal person

Compensation for loss of office - company management, Compensation for Loss...

Compensation for Loss of Office: (a) Section 192 makes it unlawful for a company to make a director any payment by way of compensation for loss of office, or  may as considera

What is the meaning of ethics in the corporate environment, QUESTION 1 ...

QUESTION 1 (a) Why is it that businesses are increasingly exposed to scrutiny and criticisms? (b) Discuss four strategies which can be adopted to respond to these criticisms

Explain about the codified systems, Explain about the codified systems. ...

Explain about the codified systems. Codified (civil law) systems: It is a rule based approach to law making and it is designed to give a comprehensive code of laws for th

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd