The Supreme Court of India decided in a recent case that in the context of company law, the winding-up of a body corporate is not equivalent to the death of a member.
It was held that in the absence of the registration of the name of the contributory (a form of corporate entity) in the register of a company, the contributory is not entitled to initiate a petition for the winding-up of a company.
While interpreting section 439 of the Companies Act, 1956, the Supreme Court decided the issue regarding locus standi and other requirements for a person to maintain a winding-up petition in the capacity of a contributory under section 439(4) of the act.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm that provides legal and tax counselling. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
