- (1.) THE petitioners seek winding up of the company on just and equitable grounds, citing complete deadlock in both the pre-dispute shareholding and directorial position in the company. According to the petitioners, the first petitioner and the second respondent are entitled to equal shareholding and say in management of the company and upon such persons, brothers, having irreconcilably fallen out, the partnership firm run in the guise of the limited liability company needs to be dissolved.
(2.) THE company was incorporated by the two brothers in 1999 for taking over the business of a partnership firm functioning as foreign money changers. The petitioners say that such business, the only that the firm and the company were ever involved in, is no longer possible as the company's licence to carry on such business has been revoked and, given that the company was an association of two individuals having equal measure of rights therein, there would be no useful purpose in letting the company live.
(3.) THE key facts are not in dispute, though the respondents assert that the petitioners no longer have a representative on the Board of the company and that it is the husband and wife team of the second and third respondents which has control of the management.;