( 1 ) THE petitioner is one of the shareholders of the respondent-Company holding ten equity shares of Rs. 1,000/- each. She has filed the present application under Section 433 (e) and (f) of the Companies Act, 1956, (in short 'the Act') for winding-up of the respondent-Company, namely, M/s. Combined power and Energy System (P) Limited inter alia on the ground that it has lost its substratum and it is impossible for the company to carry on its business with the object for which it was constituted with profit. Keeping in view the allegations made in the petition and after due notice to the respondent-Company and holding appropriate inquiry the case was admitted on 25-1-1990 by a speaking order. Subsequent to the advertisement some of the creditors have also appeared in the proceedings through Mr. Gopala Hegde in support of the prayer made herein.

( 2 ) THE husband of the petitioner has been examined as P. W. 1and the Chairman-cum-Managing Director of the respondent-Company namely, Sri P. V. Ramaiah has examined himself as R. W. 1. On behalf of the petitioner it has been deposed that the Company has stopped its business since 1985. It has no assets and its liabiliti