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Section 129 Circumstances in which company may be wound up by court.

Original text. Later amendments are not shown.

A company may be wound up by the court—

(i)

if the company has by special resolution resolved that the company be wound up by the court:

(ii)

if default is made in filing the statutory report or in holding the statutory meeting :

(iii)

if the company does not commence its business within a year from its incorporation, or suspends its business for a whole year :

(iv)

if the number of members is reduced, in the case of a private company, below two, or, in the case of any other company, below seven :

(v)

if the company is unable to pay its debts :

(vi)

if the court is of opinion that it is just and equitable that the company should be wound up.