2008 (3) TMI 471 - SUPREME COURT

Whether an order of winding up will serve the interest of the company or subvert the same?

Held that:- Once the Company Law Board gives a finding that acts of oppression have been established, winding up of the company on just and equitable grounds becomes automatic.

We, in the facts and circumstances of this case, are of the opinion that it is not a fit case where we should interfere with impugned judgment in exercise of our discretionary jurisdiction under Article 136 of the Constitution of India. The appeal fails and dismissed with costs. Counsel’s fees assessed at Rs. 50,000.