(4)Where any company alleged to be secondary is not in process of being wound up at the same time as the principal company to which it is alleged to be secondary, the Tribunal shall not direct the secondary company to be wound up, unless, after hearing all objections (if any) that may be urged by or on behalf of the company against its being wound up, the Tribunal is of opinion that the company is secondary to the principal company and that the winding up of the company in conjunction with the principal company is just and equitable.
