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2008 (7) TMI 577 - HC - Companies LawWinding up - Circumstances in which a company may be wound up - Held that:- There exists a bona fide dispute between the parties. The petitioner and his wife are the shareholders of the company. The petitioner was Director of company till 28-6-2007 and all the shareholders of the company belong to the family of the petitioner and his father. The respondent-company stated in the reply that the father and mother of the petitioner also provided funds, when the petitioner himself was Director of the company till 28-6-2007, how can he say that interest on principal amount in audited account has not been shown and interest was not paid to him after 31-3-2000. This averment of petitioner itself shows his mala fide and ulterior motive. It appears in the facts and circumstances of the case that the petitioner is also responsible for putting the company to suffer loss. Thus it cannot be held that the respondent-company neglected to pay alleged dues within the meaning of section 433(1)(a) of the Act. W.P. dismissed.
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