Harries, J. - (1.) This is an appeal from an order of Banerjee, J., dated July 23, 1951, directing the winding up of the Great Indian Motor Works, Ltd. An application was made for the winding up of this company by one of the share-holders. The authorised capital of the company is Rs. 6,00,000 divided into six hundred shares, the main object of the company being to carry on the business of dealers in motor-cars. The company is also conducting a bus-service and owns omnibuses for that purpose. The present share-holders according to the register are the petitioner Chandi Das Nundy, his brother Kristo Das Nundy, the latter's three sons and one Kartick Churn Mullick who is Paid to be a first cousin of the wife of Kristo Das Nundy.
(2.) The company took over the business of a firm on partnership which was carried on by the two brothers, Chandi Das Nundy and Kristo Das Nundy. In 1926 they decided to form a private limited liability company and the company was formed and registered. The shares were held by these two brothers in proportion to their interest in the partnership, kristo Das Nundy owning considerably more shares than the present petitioner. A third shareholder was introduced, namely, Kartick Chum Mullick who owns twelve one thousand-rupee shares. It will be seen later that this gentleman now plays a most important part in the affairs of the company.
(3.) Unfortunately disputes have arisen between the petitioner Chandi Das Nundy and the directors of the company who are the petitioner, Kristo Das and Kartick. Chandi Das Nundy eventually presented this petition alleging in the first place that the company was insolvent and unable to pay its debts and secondly, that it was just and equitable to wind up the company.;