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JUDGMENT C.M. No. 6 of 2015 amd Main Case SHAMS MEHMOOD MIRZA, J.---This winding up petition was filed by the Additional Registrar of Companies against respondent No.1 Company under section 305 read with section 465(3) of the Companies Ordinance, 1984 (the Ordinance). This shall also decide Civil Original No.1 of 2007 Joint Registrar of Companies v. M.G. Hertz and others and Civil Original No.2 of 2007 titled Joint Registrar of Companies v. Asia Challenge Investment and others as facts of all the three cases are intermingled and are identical in nature. 2. Basic facts leading up to the filing of the present petition as well as connected petitions are as follows. Respondent No. I company (M.G. Realtors) was incorporated on 15.12.1994. Its main purpose was construction of bridges, roads, spillways, highways, reservoirs, airports, seaports and structure of all description etc. In the year 1995, the Federal Government approved Islamabad New City. Project (the Project) within the territorial jurisdiction of Islamabad City Territory. The Project was conceived as a public private partnership. M.G. Realtors entered into a Joint Venture Agreement on 22.05.1995 (NHA JV Agreement) with Ministry of Housing and Works, Government of Pakistan and National Highway Authority (NHA). For the purpose of developing, planning and designing the Project, it was proposed that over a total area of 20000 Kanals be acquired in 3 phases in the following manner: Phase-I: 6,000 kanals within 03 months Phase-II: 6,000 kanals within 06 months Phase-III: 8,000 kanals within 1 year Respondent No.1 company in Civil Original No.1 of 2007 namely M.G. Hertz (Pvt.) Limited (M.G. Hertz) also entered into a Joint Venture Agreement dated 24.08.1995 (CDA JV Agreement) with Capital Development Authority (CDA) for development of the Project. Under the terms of CDA JV Agreement, M.G. Hertz undertook to procure 7500 Kanals of land on the terms mentioned in the said agreement. The two joint venture agreements shall henceforth collectively be referred to as JV Agreements. In terms of NHA JV Agreement, 100% financing was to be provided by M.G. Realtors and it was also responsible for providing 750 Kanal…

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