It
is quite possible that a foreign company
can be wound up as an unregistered company. This happens if the
company does not carry on business in India any more or also in cases
where the corporate body for the same tends to get dissolved or if
the same stops altogether in existence in accordance with the law
under which it had been initially incorporated. The Act states the
detailed provisions with respect to the winding up of a company and
also prescribes the winding up modes. The said modes can be either by
the court or under its supervision. In addition to that, there is
also a provision of voluntary winding up.
There
can be several reasons based on which the Tribunal may take the
decision of ordering for the wind up of any company. Some of these
issues can include situations when the company is found to be acting
against the sovereignty
and integrity of the country, its security or international
relations. In another condition, if the company is found guilty of
fraudulent practices or has been reported by the ROC for being
indulged in any other sort of unacceptable activities. The Act does
not distinguish between the winding-up by members or creditors.