1937 (3) TMI 10

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..... rpose of determining whether the petition should be granted or not, it is necessary for me to look at the allegations in the petition, and I do not propose to travel beyond them. The first allegation, the first grievance under which the petitioners labour, and which is made a ground for asking me to exercise the jurisdiction of the Court and to say that it is just and equitable to wind up the comp .....

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..... e disputed questions of fact, and perhaps an occasion for interrogatories or discovery, an action in the ordinary way in the Chancery Division. But, at least on a petition, I am not going to exercise my jurisdiction to wind up a company on that ground, on the footing that it is for that reason just and equitable. The next allegation in the petition is that at a certain date, 1936 for all those y .....

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..... easons which may or may not be adequte, the directors thought fit in the year 1936 not to supply them with a balance sheet. I say no more about that, and I see no reason in that for winding up the company. In paragraph 9 a number of allegations are made relating to the salaries which the directors have received. No doubt they were masters of the situation, and they paid themselves what salaries .....

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..... ed, and that it inflicted injury on the company that the petition should remain on the file a moment longer than was necessary. In the circumstances I decided to go on with the petition and to allow, if I thought fit at a later stage, the cross-examination of the deponents. It appeared to me to be plain as the matter went on that it must be confined to the allegations in the petition, and therefor .....

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..... dividend has been unduly reduced to invade the rights of the petitioners. In the view to which I have come on the facts of this case I hold that the petition is misconceived. I should be travelling altogether outside any case in which a winding up has been decreed by the Court if, in circumstances such as these I held that it was. just and equitable to wind up the company. Accordingly I dismiss .....

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