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Companies Act, 1956 Sec 433 - Circumstances in which company may be wound up by Court. A company may be wound up by the Court, (a) if the company has, by special resolution, resolved that the company be wound up by the Court ; (b) if default is made in delivering the statutory report to the Registrar or in holding the statutory meeting ; (c) if the company does not commence its business within a year from its incorporation, or suspends its business for a whole year ; (d) if the number of members is reduced, in the case of a public company, below seven, and in the case of a private company, below two ; (e) if the company is unable to pay its debts ; (f) if the Court is of opinion that it is just and equitable that the company should be wound up.    |
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