( 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 433 (f) of the companies Act, 1956 (in short, "the Act"), for winding up of the respondent-company, namely, combined Power and Energy Systems (P.) Ltd. , 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 january 25, 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 PW-1 and the chairman-cum-managing director of the respondent-company namely, Sri P. V. Ramaiah has examined himself as RW-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 liabilities are far in

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