RAMCHANDRA IYER C.J.

These appeals arise from the judgment of veeraswami. J. dismissing an application filed by C. Hariprasad, the appellant in O.S.A. no, 18 of 1962, for directing the winding up of the Amalgamated Commercial Traders [Private] limited, which will hereafter be referred to as the Company.

"The petition was based on the inability of the company to pay its debt due to him. The appellants in the other two appeals claim also to be creditors of the company. all of them the shareholders in the company

The company was incorporated on January 29, 1948 with a capital of Rs. 3, 00, 000 consisting of ten thousand tax free cumulative preference shares of Rs. 10 each and two thousand equtiy shares of Rs. 100 each. its object amount other things, was to take over the selling agency of India sugars and Refineries Limited. Hospect, and exploit an agreement obtained from it by Mr. A.C. K. Krishnaswami, one of the appellants in O.S.A. No. 70 of 1962. The agency agreement turned out to be very profitable. The company maintained its accounts on the mercantile basis, the year adopted being the period ending on 30th April. Its main source of income was the commission earned from