Law: Companies Act, 2017

Section: 2(23),4,5,5(2),104

Law: Civil Procedure Code (V of 1908)

Section: O.VII,XXXIX,XLVIII,R.1,2,11

(a) Companies Act (XIX of 2017)--- ----Ss. 5, 104 & 2(23)---Civil Procedure Code (V of 1908), O. VII, R. 11 & O. XXXIX, Rr. 1, 2---Court as defined in Companies Act, 2017---Scope---Ouster of jurisdiction clause occurring in S. 5(2) of the Act---Nature---Matters under Companies Act, 2017 (Act) which the Court as defined in S. 2(23) of Companies Act, 2017 was empowered to determine by or under Companies Act, 2017---Ouster of jurisdiction of any other court on matters under Companies Act, 2017---Nature of ouster clause contained in S. 5(2) of the Companies Act, 2017---Scope---Appellant which was private limited company impugned the order of Civil Court whereby appellant company was, inter alia, restrained from transferring 50% of its share under O. XXXIX, Rr. 1 & 2, C.P.C. ; and application of appellant company under O. VII, R.11, C.P.C. for rejection of plaint of respondent, was dismissed---Contention of respondent/plaintiff was that through civil suit, he had sought transfer of shares in his name, on basis of settlement deed with the Chief Executive Officer of the Company---Held, that Legislative intent behind provisions of the Companies Act, 2017 was that all matters related to title or transfer of share of a juridical person incorporated under the Act were to be dealt with by Court vested with jurisdiction under S. 5 of the Companies Act, 2017 which was to entertain, or proceed to determine a controversy under Companies Act, 2017---Jurisdiction of the civil court had been expressly ousted under S. 5(2) of the Companies Act, 2017---Mechanism for transfer of shares and consequences of refusal to do so had been prescribed by Legislature in the Companies Act, 2017, along with statutory right of appeal---Suit filed by plaintiff / respondent sought transfer of shares on basis of a settlement deed, which ought to have been dealt with under Companies Act, 2017---Such suit was therefore barred by S. 5(2) of the Companies Act, 2017---Impugned order was set aside and plaint was rejected under O. VII, R. 11, C.P.C.---Appeal was allowed, accordingly. Mian Javed Amir and others v. United Foam Industries (Pvt.) Ltd., Lahore and others 2016 SCMR 213; Muhammad Mohsin Ghuman…

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