KALGO, JSC (Delivering the Lead Judgment): This case has had a chequered history. It originated in the Federal High Court, Lagos where the respondent filed 4 separate petitions for winding up of the appellants in April, 1991. The respondents separately filed replies to the petitions together with verifying affidavits sometimes in May, 1992. The Federal High Court heard the petitions and in a considered judgment delivered by Jinadu, J, (as he then was) on the 12th of August 1992, he said: “I therefore refuse the prayer to wind up the respondents but will make other orders under section 312 aforesaid. But deciding what power to invoke under the provisions of section 312 A aforesaid, I must by law invite learned counsel on both sides to address the court.” Reference to section 312 here means section 312 of the Companies and Allied Matters Act. Thereafter the case suffered a lot of adjournments but subsequently counsel were heard and on the 30th of July 1993, the learned trial Judge fin…