Write notes on the following: Four grounds on which a company may be wound-up

Under Section 433 of the Companies Act, 1956 (or corresponding provisions in the Companies Act, 2013), a company may be wound up by the Court on the following grounds: Special Resolution: If the company has passed a special resolution to be wound up by the Court. Default in Statutory Compliance: If default is made in delivering the statutory report to the Registrar or in holding the statutory meeting. Failure to Commence/Suspension of Business: If the company does not commence its business within a year from its incorporation, or suspends its business for a whole year. Reduction in Membership: If the number of its members is reduced below seven in the case of a public company, or below two in the case of a private company. Inability to Pay Debts: If the company is unable to pay its debts. Just and Equitable: If the Court is of the opinion that it is just and equitable that the company should be wound up. Default in Filing Financial Statements/Annual Returns: 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. Acts Against National Interest: 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. Sick Company: If the Tribunal is of the opinion that the company should be wound up under the circumstances specified in Section 424G (i.e., winding up of a sick company).