Law: Companies Ordinance, 1984

Section: 231,305,305(i)(iii)(iv)(v)(f)(h),309,309 (c),314

Law: Securities and Exchange Commission of Pakistan Act, (XLII of 1997)

Section: 30

Law: Companies Act, 2017

Section: 301(i)(iii)(iv)(v)(g)

Law: Insurance Ordinance, 2000

Section: 59,143

Companies Ordinance (XLVII of 1984)--- ----S. 305---Insurance Ordinance (XXXIX of 2000), S. 143---Winding-up of company---Inability to meet obligations---Term 'Going Concern'---Applicability---Securities and Exchange Commission of Pakistan sought winding up of respondent company and appointment of provisional managers to take control of affairs of company---Validity---Respondent company was unable to meet its obligations without substantial restructuring or selling of assets as such same had indicated that it was not a 'Going Concern'---Term 'Going Concern' was extremely important to generally accepted accounting principles---Without 'Going Concern' assumption, company wouldn't have ability to prepay or accrue expenses---Conditions that lead to substantial doubt about a "Going Concern" included negative trends in operating results, continuous losses from one period to next, loan defaults, lawsuits against company and denial of credit by suppliers---Respondent company failed to fortify and substantiate that it was a 'going concern' seeing that it was not engaged in insurance business for last several years---High Court ordered respondent company to be wound-up and official assignee was appointed as official liquidator---Petition was allowed accordingly. Controller of Insurance v. Pakistan International Insurance Company (Pvt.) Limited PLD 1993 Kar. 720; 2008 CLD 214; 2008 CLD 286; 2008 CLD 465; 2005 CLD 636; 2005 CLD 747; 2005 CLD 1291; 2004 CLD 640; 2002 CLD 1794; PLD 2002 SC 1111; 2009 CLD 1106; 2013 CLD 1229; 2013 CLD 1733 and 2011 CLD 1095 ref. THIS ORDER PASSED BY: MUHAMMAD ALI MAZHAR, J.--- This petition has been brought under section 305 of the Companies Ordinance, 1984 read with section 143 of the Insurance Ordinance, 2000 to entreat winding up of the respondent and appointment of Provisional Manager to take the reins and control of respondent's affairs. 2. The transient facts of the case are as under: The petitioner regulates corporate entities under the Companies laws and also regulates insurance business under the provisions of the Insurance Ordinance, 2000. The respondent (Beema Pakistan Company Limited) is a public limited company. An investigation…

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