A. Introduction

The parties and the subject matter of both these petitions are common and therefore they are being disposed of together.

2. The petitioner in C.P. No.67 of 2006 and the petitioners in C.P. No.104 of 2006 are shareholders of respondent No.1 – company (hereinafter referred to as ‘the company’). Respondents in both the petitions are common. In both these petitions, the petitioners have prayed for winding up of respondent No.1 - company.

B. The Pleadings

3. As the grounds on which both the petitions have been filed are identical, it will suffice if the averments in C.P. No.67 of 2006 are referred to. The averments of the petitioner made in his affidavit filed in support of the company petition are briefly stated hereunder.

4. Respondent No.1 is a private limited company incorporated on 18.10.1978 by three groups of individuals -- first group of individuals being father of the petitioner (petitioner No.1 in C.P. No.104 of 2006), his children, family members, and his friends and associates; second group of individuals are the family members, friends and associates of the Managing Director of respondent No.1 and the third group are friends and associates of respondent No.