T.C.I. Hotels(Lanka)Ltd. v. Marina Overseas Corporation – sllr 2000 volume 2 page 367

In TCI Hotels (Lanka) Ltd. (Petitioner) v. Marina Overseas Corporation (Respondent), the court addressed whether the company had actually commenced business within one year of incorporation and whether it was just and equitable to wind up the company pursuant to Sections 255(c) and (f) of the Companies Act No. 17 of 1982. The court held that the available evidence did not support that the company had commenced its intended business, and it was found just and equitable to wind up the company due to the total loss of its substratum. The court reaffirmed the discretionary nature of the winding up power and emphasized the importance of shareholder interests and clear evidence in such proceedings. This determination relied upon statutory principles and relevant precedents, underscoring that the