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Issues:
1. Maintainability of the company petition under section 439(1)(c) and (4)(b). 2. Shareholding dispute and refusal to transfer shares. 3. Allegations of misconduct and establishment of a competing company. 4. Locus standi of the petitioners and the appropriateness of the winding-up petition. Issue 1: Maintainability of the company petition under section 439(1)(c) and (4)(b): The judgment challenges the maintainability of the company petition based on the satisfaction of the provisions of section 439(1)(c) and (4)(b) of the Companies Act. The application questions the locus standi of the petitioners, particularly focusing on the refusal to transfer shares and the validity of such refusal. The court emphasizes the importance of compliance with section 439(4)(b) and concludes that the petitioners do not meet the criteria, leading to the dismissal of the winding-up petition. Issue 2: Shareholding dispute and refusal to transfer shares: A significant aspect of the case revolves around the shareholding dispute and the subsequent refusal to transfer shares. The respondents contend that the late Mrs. Alka Duggal held 25% shares of the company, which were not transferred to the petitioners due to alleged misconduct. The court notes that the refusal to transfer shares has not been challenged in any court of law, and the petitioners' claim to be contributories is based on the 25% shareholding. The refusal to transfer shares is considered a contentious matter, and the legality of such refusal is highlighted as a crucial factor in determining the maintainability of the petition. Issue 3: Allegations of misconduct and establishment of a competing company: The respondents accuse the petitioners of using confidential information to establish a competing company, leading to legal actions for injunction and account rendition. The court acknowledges the allegations of dubious conduct by the petitioners but emphasizes that such misconduct allegations and explanations fall outside the scope of the winding-up jurisdiction. The establishment of a competing company and its impact on the respondent's business are highlighted as additional factors in the judgment. Issue 4: Locus standi of the petitioners and the appropriateness of the winding-up petition: The judgment extensively discusses the petitioners' locus standi in filing the winding-up petition, emphasizing the importance of meeting the legal requirements under the Companies Act. The court rejects the petitioners' plea for winding up based on a deadlock in management, citing the lack of equal shareholding and lack of support from other shareholders. The appropriateness of the winding-up petition is questioned, and the court ultimately dismisses the petition while allowing the petitioners to challenge the refusal to transfer shares in a different legal forum. This comprehensive analysis of the judgment delves into the legal intricacies surrounding the maintainability of the company petition, the shareholding dispute, allegations of misconduct, and the overall appropriateness of the winding-up petition in the context of the Companies Act.
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