1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 1063 OF 2000 1.National Stock Exchange of India & anr. ... Petitioners Vs Alembic Securities Private Limited. ... Respondent Mr. Rishabh Shah with Mr. Tejal Joshi i/b Shaunak Satpute & Co. for the Petitioners. Dr. Birendra Saraf with Mr. Mangesh A. Narvekar for the Respondent. CORAM : S.J. VAZIFDAR, J. DATED : 28TH JUNE, 2010. P.C. : 1. This petition is for winding up the Respondent-company, inter alia, on the ground that it is unable to pay its debts. The petition was admitted on 28th March, 2001. The company had not appeared at that stage. 2. It is difficult to wind up the company for more than one reason. 2 3. Firstly, two Petitioners have filed this petition. Each of them has an independent cause of action and a separate claim. Despite that, there is no bifurcation of the claims. Nor are there any particulars as to how each of the Petitioners is entitled to the amounts claimed. There is not even an attempt to correlate the demand/each item in the particulars of claim to any contractual provision, rule, bye-law or regulation. The Petitioners have, therefore, not even substantiated the invoices of any of their claim. 4. Even assuming that this by itself may not be sufficient to dismiss the petition, it is important to note that the company has in fact raised a serious dispute about the illegal adjustment of the shares. In the circumstances, it was necessary for an account to have been rendered. The same has not been done. In this view of the matter, it was not necessary for me to consider various other submissions raised by Mr. Saraf, including about the Petitioners not having served the statutory notice at the registered office of the company. 5. In the circumstances, there is a bona fide dispute between the parties. The Company Petition is, therefore, dismissed.