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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.
Defined specific acts that constitute an act of terrorism:- Convention on Offences on Board Tokyo Aircraft 1963 relates to hijacking. Unlawful Seizure of Aircraft in Hague 1
APPOINTMENT BY DIRECTORS: The company first auditors of may be appointed through the directors at any time before the first annual general meeting, and auditors so appointed s
Registration: Whether the aforesaid documents are correctly prepared in accordance with the provisions of the Companies Act they are registered, the registrar grant
ALLOTMENT OF SHARES: An allotment, legally, is the company's acceptance of an offer to buy its shares. Thus we can say it is governed by the following rules of the common law
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