This is a petition seeking winding up of a private limited company. The petitioner and his wife hold 47.5% of the shares and the second respondent and the members of his family hold another 47.5%.

2. According to the petitioner, the father of the second respondent was also interested in an item of property over which the petitioner envisaged interest, to build a multi-storied residential complex and that the father of the second respondent and the petitioner reached an understanding to float a company and it was accordingly that the aforesaid company came into force and one James Paul, a retired Chief Engineer was brought into the Company to seek his advice. The Company was formed with the main object of purchasing, developing, selling etc. of buildings and to construct houses, hospitals, flats, apartments etc. and to carry on the business of building contractors and undertake and carry out building construction works and to engage in trading of building materials of any kind. According to the petitioner, though the project began in 1994 and several flats were allotted, the cash inflow was insufficient to obtain the desired pace for the construction of such a project and