JUDGEMENT :

J.B. Mehta J.

The two petitioners-contributories, one of whom is the managing director of the company, have filed this petition for winding up this admittedly solvent, sound, flourishing concern on the ground that it is just and equitable to do so under section 433(f) of the Companies Act, 1956, hereinafter referred to as "the Act". As the admission of this petition and the consequent public advertisement would result in irreparable and irreversible damage to such a solvent concern, the company in pursuance to the notice by this court has appeared and vehemently objected to this petition being admitted.

2. The short facts which have given rise to this petition are as under:

The concerned company, Atul Drug House Ltd., originally started as a small family concern of the petitioners' minority group or the Shah group as it was registered on June 30, 1956, as a private limited company with its registered office at Kandle with the initial authorised capital of Rs. 5,00,000. The issued capital of 500 shares of Rs. 50,000 was subscribed by this minority group or the Shah group. The licence was obtained by the company to establish a plant for chemicals on March 15, 1960. On Augu