Law:

Section:

Companies Ordinance (XLVII of 1984)------- --------Ss. 358, 372 & 468-------Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33-------SRO No.659(I)/2009, dated 14-7-2009-------Voluntary winding up of company-------Submission of necessary documents for approval-------Refusal to accept the documents-------Additional Registrar of companies filed petition for winding up of the company on the ground that company had ceased its operation for the last several years, and had not filed any statutory return with the Commission-------Management, who were the major shareholders and major creditors, presented a revival plan before the court that they would revive the operation of the company within one year-------Based on the said revival plan and the assurance made therein, court decided that company should not be wound up-------Chairman of the company in compliance with said order of the court, made quarterly review report-------Meanwhile, the company initiated the proceedings of creditors voluntarily wound up, within less than 4 months of the court order-------Liquidator, who was appointed for that purpose, completed the whole process within the period of three months and submitted necessary documents with Companies Registrar Office for approval-------Deputy Registrar refused to accept the documents filed by Liquidator-------Company, being aggrieved by the original order, filed appeal under S.468(4) of the Companies Ordinance, 1984 before the Registrar of Companies, who remanded the case to the Deputy Registrar vide impugned order to re-examine and dispose of the matter in accordance with the relevant provisions of law, and to call comments from the Liquidator-------Registrar of Companies, raised preliminary objection regarding the maintainability of the appeal before the Appellate Bench of the Commission under S. 33 of Securities and Exchange Commission of Pakistan Act, 1997, and stated that appeal should be filed before Commissioner Company Law Division by virtue of SRO 659(I)/2009, dated 14-7-2009-------Validity-------Registrar of companies had neither set aside, nor upheld the original order, appeal could not be heard by Commissioner Company…

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