Saturday, September 1, 2018

In which ground the Registrar of Joint Stock Company can present a petition for winding up a company?

Petition for winding up by the Registrar:
 
Under the following grounds as contained in Section - 197(b) the Registrar of Joint Stock Companies and firms can present a petition for winding up a company as per Section-204 of CA 1994:

i. That the business of the company is being conducted with intent to defraud its creditors, members, any other persons or otherwise for a fraudulent or unlawful purposes; or

ii. That the persons concerned in the formation of the company or the management of its affairs have in connection therewith been guilty of fraud, misfeasance or other misconduct towards the company or towards any of its members; or

iii. That the members of the company have not been given all the information with respect to its affairs which they might reasonably expect.

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