Law: Companies Ordinance, 1984

Section: 42

Companies Ordinance (XLVII of 1984)--- ----S. 42---Power to dispense with Limited in the name of charitable and other companies---Scope assailed an order passed by Director (CLD-CCD) whereby competent authority had, on failure of appellant to apply for renewal of licence, revoked appellants licence---Validity, for the last twenty five years, had failed to file audited annual financial statements and statutory returns---Appellate Bench, in the interest of appellant to revive its licence and the Directors inclination to provide said privilege, directed the appellant to file past twenty five years audited financial statements, annual statutory returns, forms related to directors election and other required forms and documents with the Commission within a period of six months was further directed to pay late/delayed filing fees to rectify its previous non-compliances---Director was directed to consider appellants restoration/renewal application in accordance with law, if previous defaults were removed within allowed time---Appeal was disposed of accordingly. ORDER 1. This Order shall dispose of Appeal No. 88 of 2019 filed by Shaheed Zulfikar Ali Bhutto Foundation (the Appellant) against the Order dated July 9, 2015 (the Impugned Order) passed by the Director, CLD-CCD (the Respondent). 2. The Brief facts of the case are that a licence under section 42 of the Companies Ordinance, 1984 (the Ordinance) was issued and in pursuance whereof the Appellant was incorporated as a company on November 21, 1995. In contravention of the direction issued by the Securities and Exchange Commission of Pakistan (the Commission) vide Circulars No.2 of 2015 dated January 1, 2015, Circular No.4 of 2015 and Circular No. 5 of 2015 dated January 30, 2015; the Appellant had failed to apply for renewal of licence up to February 16, 2015. Therefore, the competent authority has revoked Appellants licence under section 42, subsection (4) of the Ordinance and concerned registrar was directed to initiate proceedings to strike off Appellants name from the register of companies, under section 439 of the Ordinance. 3. The Appellant had filed this Appeal inter alia on the grounds that the due to…

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