Law:

Section:

Companies Ordinance (XLVII of 1984)------- --------S. 305-------Winding up of company-------Eventualities-------Onus to prove-------Petitioners were minority shareholders and sought winding up of company because of their dissatisfaction to decisions by majority shareholders-------Validity-------Eventualities for the purposes of winding up a company were described in cls. (a) to (i) of S. 305 of Companies Ordinance, 1984-------Petitioners were not able to point out any case in favour of passing an order for winding up of the company-------Petitioners held 30% of shares and allegations raised by them were not supported by any material placed on the record of High Court-------Petitioners could be disappointed due to the decisions taken by majority share-holders but such disappointment did not tantamount to oppression of minority-------Onus to make out a case for passing winding up order was on the petitioners and they had failed to satisfy High Court that a case was made out in the light of eventualities mentioned in S. 305 of Companies Ordinance, 1984-------Petition was dismissed in circumstances. THIS JUDGMENT DELIVERED BY: ATHAR MINALLAH, JUSTICE:--------- This petition has been filed under section 305 of the Companies Ordinance, 1984 (hereinafter referred to as "Ordinance of 1984") seeking winding up order in respect of the respondent Company. 2. The facts, in brief, are that the respondent Company was incorporated as a private limited company under the Ordinance of 1984. It is asserted in the petition that the Company has 185,000 subscribed shares of Rs.100/- each divided amongst 35 shareholders. The 12 petitioners hold 30% of the shareholding while petitioners Nos. 1 and 2 are also members of the Board of Directors of the Company. 3. Learned counsel for the petitioners has contended that; the latter have been practically ousted from participating in the affairs of the respondent Company; the affairs of the Company are being conducted in an oppressive manner; the affairs are being run in a fraudulent manner and the management of the Company has been hijacked; since 2006 audited accounts of the Company have not been presented in the respective Annual General…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492