Law:

Section:

(a) Administration of justice--- ----Wrong provision of law, mentioning of---Effect---Mentioning a wrong provision of law in a petition does not deter a court from exercising its proper authority and appropriate jurisdiction vested under the law, keeping in view the circumstances of the case. Mst. Saifa Bibi's case 1982 SCMR 494 and Multan Electric Power Company Ltd's case PLD 2006 SC 382 rel. (b) Companies Ordinance (XLVII of 1984)--- ----Ss. 265 & 493---Investigation of company's affairs---Petitioner company and its Chief Executive Officer sought restoration of possession in exercise of powers under S. 493 of Companies Ordinance, 1984 of the industrial unit to them--- Validity---Petition under S. 493 of Companies Ordinance, 1984 in the form, as presented, was not maintainable---High Court treated the petition as petition under S. 265 of Companies Ordinance, 1984 as prima facie, a case for investigation was made out and directed the Securities and Exchange Commission of Pakistan to appoint an Inspector to investigate in general the affairs of the petitioner company and in particular to render its finding as to whether respondent had any authority to takeover possession of petitioner company and if not, the gains or benefits he had derived from illegal withholding of the petitioner company---Petition was disposed of accordingly. Brothers Steel Limited's case PLD 1995 SC 320 and Messrs Light Metal and Rubber Industries's case 2011 CLD 1485 rel. JUDGMENT YAHYA AFRIDI, .J.---Frontier Steel Mills (Pvt.) Ltd. and Abdur Rasheed Yousafzai ("the petitioners"), seek the original jurisdiction of this Court provided under section 493 of the Companies Ordinance, 1984 ("Ordinance") in terms that: "Considering the above submissions, it is therefore, most respectfully prayed that on acceptance of this petition: (i) Respondents may please be directed to restore the possession of the Industrial Unit to the petitioners, (ii) Along with all immoveable and moveable assets, (iii) Including raw material as was on stock on 7-4-2005 in the Mills premises and (iv) Any gain or benefit from it or compensation for causing loss to the Mills." Any other relief appropriate in the…

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