Section 433 lays down that the Court in the following case may wind up a company:
1. If the company has passed a special resolution of it’s being wound up by the Court. It may be mentioned here that without such act cannot be done by the directors themselves. It can be done only if a resolution to this effect has passed at a general meeting of the company. The members can however ratify the act of directors already done.
2. If the company makes default in delivering the statutory report to the Registrar or in holding the Statutory Meeting. A petition under this ground can be made either by the Registrar with the previous approval of the Central Government or by a contributory or after 14 days after the last day on which the statutory meeting should have been held.
3. It does not commence business within one year from its incorporation or it suspends business for a whole year.
4. The number of its members falls before the minimum required i.e. 2 in case of a private company and 7 in case of a public company.
5. It is unable to pay its debts.
6. If the Court of opinion that it is just and equitable that the company should be wound up.
1. If the company has passed a special resolution of it’s being wound up by the Court. It may be mentioned here that without such act cannot be done by the directors themselves. It can be done only if a resolution to this effect has passed at a general meeting of the company. The members can however ratify the act of directors already done.
2. If the company makes default in delivering the statutory report to the Registrar or in holding the Statutory Meeting. A petition under this ground can be made either by the Registrar with the previous approval of the Central Government or by a contributory or after 14 days after the last day on which the statutory meeting should have been held.
3. It does not commence business within one year from its incorporation or it suspends business for a whole year.
4. The number of its members falls before the minimum required i.e. 2 in case of a private company and 7 in case of a public company.
5. It is unable to pay its debts.
6. If the Court of opinion that it is just and equitable that the company should be wound up.
Winding up By The Court may be happened?
![Winding up By The Court may be happened?]()
Reviewed by Hosne
on
8:53 AM
Rating:
