• Under Section 219 (f) of the Companies Act, a company may be bound up by the court if the court is of the opinion that it is just an equitable that the company should be wound up.
• Courts of law have wound up companies on this ground in certain circumstances:
– Fraudulent or illegal purpose.
– Failure of substratum
– Loss of confidence in management.
– The company is a “bubble” or “sham.”
– Oppression of the minority.
– Expulsion or exclusion from management.
– Deadlock in management and membership.
Enumerate the circumstances under which the court may order the winding up of a company on a just and equitable ground.
