Section 51 in The Companies (Second Amendment) Act, 2002
51. Substitution of new section for section 433.- For section 433 of the principal Act, the following section shall be substituted, namely:-" 433. Circumstances in which company may be wound up by Tribunal.- A company may be wound up by the Tribunal,-(a) if the company has, by special resolution, resolved that the company be wound up by the Tribunal;
(b)if default is made in delivering the statutory report to the Registrar or in holding the statutory meeting;(c)if the company does not commence its business within a year from its incorporation, or suspends its business for a whole year;(d)if the number of members is reduced, in the case of a public company, below seven, and in the case of a private company, below two;(e)if the company is unable to pay its debts;(f)if the Tribunal is of the opinion that it is just and equitable that the company should be wound up;(g)if the company has made a default in filing with the Registrar its balance sheet and profit and loss account or annual return for any five consecutive financial years;(h)if the company has acted against the interests of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality;(i)if the Tribunal is of the opinion that the company should be wound up under the circumstances specified in section 424G: Provided that the Tribunal shall make an order for winding up of a company under clause (h) on application made by the Central Government or a State Government.".
