LAWANG TAHANG Vs. GOENKA COMMERCIAL BANK LTD

JUDGEMENT

(1.) This is a petition to wind up a company which was registered under the Indian Companies Act, 1913, in the year 1945 under the name and style of Goenka Commercial Bank Ltd. The grounds of the application are that the substratum of the company is gone and in the events which have taken place and the situation in which the company is placed it is just and equitable to wind up the company. A further ground) is taken that the company had suspended business for more than a year before the presentation of the petition. Strictly speaking, the first ground is treated in text books as one of the various branches of the 'just and equitable' clause but there have been instances in which Courts have resorted to the 'just and equitable' ground apart from that of failure of the substratum of the company.

(2.) The Memorandum of Association of the company shows that its name was the Goenka Commerical Bank Ltd. Clause 3 of the Memorandum enumerates the various objects of the company. The clause is divided under 29 heads. Sub-clauses (1), (2) and (3) of Clause 3 are as follows:

(3.) Sub-clauses (4) to (28) really enumerate the powers of the company. Sub-clause (29) reads as follows: