S.NO

EXPLANATION

1.

If the company has, by special resolution, resolved that the company be wound up by the Tribunal;

2.

If the company has acted against the interests of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency, or morality.

3.

If on an application made by the Registrar or any other person authorized by the Central Government by notification under this Act, the Tribunal is of the opinion that the affairs of the company have been conducted in a fraudulent manner or the company was formed for fraudulent and unlawful purpose or the persons concerned in the formation or management of its affairs have been guilty of fraud, misfeasance or misconduct in connection therewith and that it is proper that the company be wound up

4.

If the company has made a default in filing with the Registrar, its financial statements, or annual returns for immediately preceding five consecutive financial years;

5.

If the Tribunal is of the opinion that it is just and equitable that the company should be wound up.

POINTS

EXPLANATION

1. Persons who can present Petition for winding up:

Subject to the provisions of this section, petition before Tribunal may be presented by the following:

1. the company.
2. any contributory or contributories.
3. all or any of the persons specified in clauses (a) and (b).
4. the Registrar.
5. any person authorized by the Central Government in that behalf.
6. in a case falling under clause (b) of Section 271, by the Central Government or a State Government.

2. Petition by contributory:

A contributory shall be entitled to present a petition for the winding up of a company.

Shares in respect of which he is a contributory or some of them were either originally allotted to him or have been held by him, and registered in his name, for at least six months during the eighteen months immediately before the commencement of the winding up or have devolved on him through the death of a former holder.

3. Petition by Registrar:

The Registrar shall be entitled to present a petition for winding up under section 271, except on the grounds specified in clause (a) of that section.

Provided that the Registrar shall obtain the previous sanction of the Central Government to the presentation of a petition:

Provided further that the Central Government shall not accord its sanction unless the company has been given a reasonable opportunity of making representations.

4. Petition presented by company:

A petition presented by the company for winding up before the Tribunal shall be admitted only if accompanied by a statement of affairs in such form and in such manner as may be prescribed.

5. Copy of petition to be filed with Registrar:

A copy of the petition made under this section shall also be filed with the Registrar and the Registrar shall, without prejudice to any other provisions, submit his views to the Tribunal within 60 days of receipt of such petition.