( 1 ) SEVERN Trent Water Purification Inc. , USA (hereinafter referred to as "the petitioner") filed a petition for winding up the Capital Controls (India) private Limited (hereinafter referred to as "the company") on just and equitable grounds under Section 433 (f) of the Companies Act, 1956. The learned Company judge by his order dated 21st April 2005 admitted the company petition. Aggrieved thereby two appeals have been filed. One appeal (449/2005) is by Chloro Controls (India) Private Limited, which has 50% shareholding in the company and the other appeal (450/2005) is at the instance of the Company. As both the appeals arise out of the common order, we heard these appeals together and by this common order dispose of them.

( 2 ) THE petitioner set up the case in the petition for winding up thus: (i) The petitioner is a Corporation organized and existing under the laws of the State of Pennsylvania, usa having its office and place of business at 3000 advance Lane, Colmar, Pennsylvania 18915, USA. (ii) The petitioner was formerly known as Capital controls Company, Inc. (iii) In or about the year 1990, the petitioners group acquired Capital Controls Company, Inc. and subsequently t

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