Law: Companies Act, 2017

Section: 126

Law: Companies Ordinance, 1984

Section: 152,153

Law: Limitation Act, 1908

Section: 181

(a) Companies Act (XIX of 2017)--- ----S. 126---Companies Ordinance (XLVII of 1984) [since substituted by the Companies Act, 2017], Ss. 152, 153---Limitation Act (IX of 1908), First Sched., Art. 181---Fraudulent transfer of shares---Rectification of companys register, application for---Limitation period---Article 181 of the First Schedule to the Limitation Act, 1908 does not apply to applications filed under the company law including one for rectification of companys register of members or debenture-holders---Legislative intent is not to prescribe a period of limitation for filing such rectification application. Neither the Limitation Act, 1908 nor the Companies Ordinance, 1984 prescribes a particular period within which an application for the rectification of the companys register of members or debenture-holders is to be filed. M. Imam-ud-Din v. Thal Development Authority PLD 2012 SC 123 and Naeem Finance Ltd. v. Bashir Ahmad Rafiqui PLD 1971 SC 8 distinguished. Fraudulent changes made to the register and omissions therefrom are both categorized as offences in the Companies Ordinance, 1984 (the Ordinance). There is no limitation period in Pakistan to prosecute and punish a crime. When section 152 of the Ordinance is read with the section following it i.e. section 153 it removes all doubts, that the legislative intent was not to prescribe a period of limitation in filing a rectification application, or to make it subject to Article 181, or to any other provision of the Limitation Act, 1908. Significantly, Article 181 of the Limitation Act, 1908 does not state that it also applies to applications filed under the company law. (b) Companies Act (XIX of 2017)--- ----Preamble---Companies Ordinance (XLVII of 1984) [since substituted by the Companies Act, 2017], Preamble---Companies are governed by their own self-contained law, which special law should not be overridden, or its scope curtailed, unless the legislative intent to do so is evident---Such legislative intent, must be unambiguously clear when adversely affecting proprietary rights. (c) Interpretation of statutes--- ----When more than one interpretation is fairly and reasonably possible, then that which leads…

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