The correct answer is A. Oppression of minority by the majority.
The just and equitable clause is a provision in the Companies Act that allows a company to be wound up if it is just and equitable to do so. This can happen in a number of situations, including where there is oppression of minority shareholders by the majority.
Oppression of minority shareholders can take a number of forms, such as:
- The majority shareholders refusing to allow the minority shareholders to participate in the management of the company.
- The majority shareholders using their power to vote down resolutions that are in the best interests of the minority shareholders.
- The majority shareholders taking advantage of their position to extract unfair benefits from the company.
If the Tribunal finds that there has been oppression of minority shareholders, it can order that the company be wound up.
The other options are not instances where the just and equitable clause can be adopted by the Tribunal.
B. Inability to pay debts is a ground for winding up under the Companies Act. However, it is not a ground for winding up under the just and equitable clause.
C. Commercial insolvency is a ground for winding up under the Companies Act. However, it is not a ground for winding up under the just and equitable clause.
D. Reduction of members below minimum is not a ground for winding up under the Companies Act.