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

Explain ihl prohibitions, Important to observe that IHL prohibitions It...

Important to observe that IHL prohibitions It is important to  observe that  IHL prohibitions should be identified and followed as  their violations/breach may be considered as

What is multiparty system and coalition, Multiparty system and coalition ...

Multiparty system and coalition We have already made conceptual excursion gaining impressions of the existence of multiple parties. Now, in this section we shall observe that h

Compulsory liquidation - winding-up, Compulsory Liquidation :          ...

Compulsory Liquidation :                                       A petition is presented to the High Court under s.218 of the Companies Act.  The petition will specify one of the

Length of notice - meetings and resolutions, Length of Notice - Meetings an...

Length of Notice - Meetings and resolutions: S.133(1) provides that any provision of a company's articles shall be void in so far as it provides for the called of a meeting of

Statutory companies, Statutory Companies: A statutory company is forme...

Statutory Companies: A statutory company is formed by a specific Act of Parliament, primarily as a means of conferring on it some powers which would not be available to it if

Explain territorial principle of criminal jurisdiction, Explain Territorial...

Explain Territorial principle of criminal jurisdiction The territorial principle provides that the courts of the State where a crime is committed may exercise jurisdiction over

Third reading - reading, Third Reading: Now next is offers in Order 11...

Third Reading: Now next is offers in Order 112(1) which is on the adoption of a report on a Bill the Third Reading may regarding leave of Mr. Speaker be taken forthwith and wh

Unity and continuity of domicile, Unity and continuity of domicile Co...

Unity and continuity of domicile Conversely S.10 of the Act provides such no person may have more than one domicile at any one time and no person shall be deemed for be witho

Business ethics, Imagine yourself in a situation of being encouraged to inf...

Imagine yourself in a situation of being encouraged to inflate your expense account. Do you think your choice would be most affected by your individual moral development or by the

What do you understand by business ethics, QUESTION 1 (1) What do you u...

QUESTION 1 (1) What do you understand by business ethics? (2) How can an ethical climate be improved in an organization? QUESTION 2 Explain the importance of stakeho

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