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Petitioner lacked capacity as administrator's tenure had expired; failed to substantiate grounds for winding up, including inability to pay debts; company has potential for revival and winding up would not be just and equitable. Petition dismissed.
Source excerpt
The petitioner, being a 50% shareholder, has capacity to file the winding up petition on the ground of failure to hold statutory meetings as provided under section 169(b) of the Companies Ordinance. The preliminary objection is competent but lacks merit and is dismissed.
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