law: The Joint-stock Companies Act, 1857
  Winding-up by Court
  LXVI. Circumstances under which Company may be wound-up by Court.-
  A Company may be wound-up by the Court under the following circumstances; (that is to say)
  (1) Whenever the Company in general meeting has passed a special resolution requiring the Company to be wound-up by the Court;
  (2) Whenever the Company does not commence its business within a year from its incorporation, or suspends its business for the, space of a whole year;
  (3) Whenever the shareholders are reduced in number to less than seven;
  (4) Whenever the Company is unable to pay its debts;
  (5) Whenever three-fourths of the Capital of the Company have been lost or become unavailable.