A company may be wound up by the Court if-
| a) |
the company has by special resolution resolved that it be wound up by the Court ; |
| b) |
the company commenced business before the Registrar certified that it was entitled to commence business; |
| c) |
the company has not commenced its business within a year from its incorporation, or has suspended its business for a whole year; |
| d) |
in the case of a public company, the number of members has been reduced below seven; |
| e) |
seventy-five per cent of the issued share capital of the company has been lost or has become useless for the business of the company; |
| f) |
the company is unable to pay its debts as described in section 345; |
| g) |
in the case of an external company, that company is dissolved in the country in which it has been incorporated, or has ceased to carry on business or is carrying on business only for the purpose of winding up its affairs; |
| h) |
it appears to the Court that it is just and equitable that the company should be wound up. |
Special Investigating Units and Special Tribunals Act, 1996
