Law: Companies Ordinance, 1984

Section: 159

Companies Ordinance (XLVII of 1984)--- ----S. 159---Meetings and Procedure---Calling of extraordinary general meeting---Mandatory nature of provisions and prerequisites for calling of extraordinary general meeting in S. 159 of the Companies Ordinance, 1984---Requirement of giving 21 days’ notice---Scope---Provision of penalty for non-compliance contained in S. 159 made said section mandatory in nature and an extraordinary general meeting not convened in accordance with mandatory provisions of the Companies Ordinance, 1984 was a nullity in the eye of the law and any business transacted thereat was also illegal. ORDER MUHAMMAD FAISAL KAMAL ALAM, J.---This order will dispose of the following Civil Miscellaneous Applications including the Review Application:- (i) C.M.A. No.5607 of 2017 (under Order XXXIX, Rules 1 and 2, read with Order XL, Rule 1 of C.P.C.) (ii) C.M.A. No.7897 of 2017 (under Order XXXIX, Rules 1 and 2 read with section 151 of C.P.C.) (iii) C.M.A. No.7898 of 2017 (under Article 204 of the Constitution of Islamic Republic of Pakistan, 1973, and (iv) C.M.A. No.8114 of 2017 (under section 114 read with Order 47, Rules 1 and 2 and section 151 of C.P.C.). 2. The Plaintiffs have filed the present suit against the Defendants, inter alia, calling in question the Extra Ordinary General Meeting (‘EOGM’) held on 07.04.2017. The Plaint contains following prayer clauses:- ‘It is respectfully prayed that this Hon’ble Court be pleased to: i. Declare that the Plaintiffs and Defendant No.2 are bounds by the terms of the Agreement and Halafnama (Annexures C and C/1); ii. Declare that the Plaintiffs are the lawful and legitimate owners of additional 30% shares of Defendant which were only given on trust to the Defendant No.2; iii. Permanently restrain the Defendant No.2 from creating any third party interest in the 30% shares given to him on trust; iv. Appoint a Receiver to manage the Company (Defendant No.1) and run its day to day affairs; v. Remove the name of the Defendant No.2 from all the bank accounts held by the Defendant Company and restrain the Defendant from embezzling any amount from the same or in any other manner; vi. Cancel the EOGM dated 07.04.2017 as…

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