Law:

Section: 29,76,158,170,178,233

THIS JUDGMENT DELIVERED BY: YAHYA AFRIDI, CHIEF JUSTICE:---.--- Through this single judgment, we propose to dispose of four connected matters, as they all have common questions of law and facts involved therein. The particulars of the same are:- 1. ICA No.03/2005 (Haji Abdur Rehman and others...Vs...UmarFarooq Miankhel and others) 2. E.P.No. 10/1998 (Umar Farooq Miankhel...Vs...Mughal Flour and General Mills etc). 3. C.Mis.No.45/2002 in E.P.No.10/1998 (Umar Farooq Khan...Vs...Mughal Flour and General Mills) 4. Cross Objection No.03/2007 in ICA No.03/2005 (Haji Abdur Rehman...Vs...Umar Farooq Miankhel) 2. The brief facts leading to the above petitions are that Haji Abdur Rehman, Haji Noor Muhammad, Umar Farooq Khan Miankhel and Fatehullah Khan Miankhel were the subscribers to the Memorandum of Association of M/S Mughal Flour and General Mills (Pvt.) Limited ("Company"); that after the incorporation of the Company, Haji Abdur Rehman was elected as the Managing Director of the Company, whereas Umar Farooq Miankhel was designated as the Executive Director; and that the Company availed a finance facility from Regional Development Finance Corporation ("RDFC"), and as per terms thereof, inter alia, share certificates of Umar Farooq Khan Miankhel and Fatehullah Khan Miankhel were pledged, as part of the collateral and stipulation that the same could not be transferred without RDFC's approval. 3. The events that follow have a chequered history. However, for disposal of the four matters, the relevant facts, in chronological order, are as follows:- Umar Farooq Miankhel and his brother, Fatehullah Khan Miankhel, dissatisfied with the way Haji Abdur Rehman was running the affairs of the Company, filed CC No.2/1992 before the worthy Company Judge under Sections 158, 170, 178, 233 and 29 of the Companies Ordinance, 1984 ("Ordinance"), praying that:- a) holding of the Annul General Meeting of the Company for the year 1990-91 in terms of Section 158 of the Companies Ordinance; b) to present a balance sheet and the profit and loss account under the requirement of Section 233 of the said Ordinance before the Annual General Meeting of the Company; c) for declaration of the action…

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