J.B. Koshy, J.

1. Appellant in this case along with two other shareholders of S.T. Reddiar and Sons (Quilon) Pvt. Ltd. (hereinafter referred to as 'the company') filed Company Petition No. 24/2001 before the Company Court under sections 425 and 433 of the Companies Act, 1956 (for short 'the Act') for winding up of the company. Allegation was that Managing Director and Joint Managing Director are not interested in the progress of the company. Large amounts of debts due to secured creditors like Kerala Financial Corporation, SIDCO, UCO Bank are remaining unpaid. UCO Bank has filed a suit. When KFC and SIDCO initiated coercive action, the company approached the High Court for selling some of the landed property and four cents of land was sold to discharge part of the debt. The company is constructing a multi-storeyed building complex to generate funds by selling and leasing out shops. Vasthukala Constructions was entrusted with the task of constructing the building. Even though ground floor and first floor was completed, amounts due to them have not been paid. There are sales tax arrears also. The Company's Board was reconstituted on 10-3-2000 and appellant (third petitioner be