| Citation(s) |
|---|
| 2018 SLG 504 2018 SLD 504 2018 PLD 52 |
Civil Appeals Nos. 1406 and 1407 of 2016, decision Date : 27-10-2017, hearing Date : 28-09-2017. (On appeal from the judgment Dated 04.02.2016 of the Peshawar High Court, Peshawar passed in I.C.As. Nos. 6 and 7 of 2012)
Syed Ali Zafar, Advocate Supreme Court and Raja Abdul Ghafoor, Advocate-on-Record for Appellant (in C.A. No. 1406 of 2016). Anwar Mansoor Khan, Senior Advocate Supreme Court, Asim Mansoor Khan, Advocate Supreme Court and Tariq Aziz, Advocate-on-Record for
Respondent No. 1 (in C.A. No. 1406 of 2016). Mudassar Ameer, Advocate Supreme Court for
Respondent No. 2 (in C.A. No. 1406 of 2016). Farooq, Section Officer, Finance Department for
Respondent No. 3 (in C.A. No. 1406 of 2016). Qazi Ehsanullah, Advocate Supreme Court for
Respondents Nos.4-6 (in C.A. No. 1406 of 2016). No represented for
Respondents Nos. 7, 8, 10 to 28 (in C.A. No. 1406 of 2016). Nemo for
Respondent No. 9 (in C.A. No. 1406 of 2016). Anwar Mansoor Khan, Senior Advocate Supreme Court, Asim Mansoor Khan, Advocate Supreme Court and Tariq Aziz, Advocate-on-Record for Appellant (in C.A. No. 1407 of 2016). Mudassar Ameer, Advocate Supreme Court for
Respondent No. 1. (in C.A. No. 1407 of 2016). Farooq, Section Officer, Finance Department for
Respondents Nos.2 and 3 (in C.A. No. 1407 of 2016). Raja Abdul Ghafoor, Advocate-on-Record/Advocate Supreme Court for
Respondent No. 4 (in C.A. No. 1407 of 2016). Nemo for
Respondent No. 7 (in C.A. No. 1407 of 2016). Not represented for
Respondents Nos. 5, 6, 8-16 (in C.A. No. 1407 of 2016).
Law:
Section:
(a) Interpretation of statutes--- ----Words appearing in a section (of a statute) were to be read in the context in which they were used. In the matter of the Rev. James Godfrey MacManaway PLD 1950 PC 149 ref. (b) Interpretation of statutes--- ----Reference to dictionary meaning of a word---Propriety---Reading words into an Act unless it was absolutely necessary to do so was contrary to all rules of construction---Reference to dictionaries by the judges, without first examining the statutory provision and its context, was inappropriate---Such an approach may result in incorporating into the legislation something which it did not contain, and what the Legislature did not intend. Renula Bose v. Manmath Nath, AIR 1945 Privy Council 108, 110 column 2; Rashid Textile v. Labour Union PLD 1963 SC 293; Zulfiqar Ali Babu v Government of the Punjab PLD 1997 SC 11 and Muhammad Ismail v. The State PLD 1969 SC 241 ref. (c) Companies Act (XIX of 2017)--- ----S. 2(1)(50)---"Promoter" of a company---Definition and meaning. 'Palmer's Company Law' (twenty-fourth edition) (Volume 1, 259); Twycross v Grant, 1877, 2 C.P.D. 469, 541 and 'Company Law by Alan Dignam and John Lowry' (Ninth edition, 2016) ref. (d) Companies Act (XIX of 2017)--- ----S. 2(1)(50)---'Promoter'---Fiduciary duty---Scope---Promoters of a company, in the context of company law, stood in fiduciary relationship to it---Promoters had in their hands the creation and moulding of the company; they had the power of defining how, and when, and in what shape, and under what supervision, it shall start into existence and begin to act as a trading corporation---Two fiduciary duties imposed on a promoter were; first, not to make a secret profit out of the promotion of the company without the company's consent; and second to disclose to the company any interest which he had in a transaction entered into by it. Erlanger v New Sombrero Phosphate Co (1878) 3 App Cas 1218; Palmer's Company Law, Fiduciary Position of Promoters, page 262 and Company Law by Robert Pennington, third edition, page 464 ref. (e) Companies Ordinance (XLVII of 1984) [since replaced by the Companies Act (XIX of 2017)]--- ----Ss. 412 &…
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