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2013 (10) TMI 178 - DELHI HIGH COURTMaintainability of the Petition - Winding up Petition u/s 433(e)/434(1)/439(1)(b) of the Companies Act - Whether the petition was maintainable against the respondent-company - Held that:- Following Ram Sarup Gupta (decd.) by LRs v. Bishun Narain Inter College and others [1987 (4) TMI 476 - SUPREME COURT] - The general principle was that in the absence of pleadings, no party shall be permitted to travel beyond the pleadings and raise a new point and that the necessary and material facts should be pleaded specifically, it was necessary to have the object of this principle in mind, which was that the opposite party should not be taken by surprise - having regard to this object and with a view to ensuring a fair trial, however, a pedantic approach should not be adopted to defeat justice or hair-splitting technicalities - It was further held that undue emphasis on the form, sacrificing the substance of the dispute, should be avoided - It was another matter that there was no merit – the company petition was dismissed as not maintainable against the respondent. Lifting of Corporate Veil – Held that:- It would be improper and unsafe to draw the conclusion, merely from the statement of the General Manager (Marketing) of Infrastructure, that both the companies were one and the same - It must be remembered that it was not uncommon or unusual for businessmen to form separate corporate entities to carry out different aspects of the same business - Such a practice, driven by business exigencies must be recognised and given effect to, so long as there is no motive of evasion of lawful liabilities - This does not, per se and without anything more, necessarily mean that both the companies were one and the same.
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