Law: Companies Ordinance, 1984

Section: 305

Law: Companies Act, 2017

Section: 301

(a) Companies Ordinance (XLVII of 1984)- --S. 305-Companies Act (XIX of 2017), S. 301---Winding-up of company---Default in holding statutory meeting/two consecutive annual general meetings---Discretionary powers of Court---Scope---Court would not generally make the order of winding up in first instance but would desire such Company to file statutory report or to hold statutory meeting or to hold annual general meeting and would extend time---If Company had failed to comply with the order then Court would windup Company and the Directors in that case would be deemed to be personally liable for costs---In winding-up cases, utmost endeavour was to be made for survival of corporate sector rather than to dismantle it---For winding-up a Company the Court had to consider whether the substratum of the Company was gone, the object for which it was incorporated had substantially failed; and whether it was impossible to carry on the business except at loss, and no reasonable hope that the object of trading at profit could be attained and the existing or probable assets were insufficient to meet the liabilities---High Court observed that the Company was ready to comply with the statutory requirements and had already filed civil miscellaneous application for placing of documents and the application addressed to the Securities and Exchange Commission of Pakistan (SECP), an affidavit of the Chief Executive/Director of the Company seeking extension in period for holding annual general meetings had also been presented---Securities and Exchange Commission of Pakistan (SECP) was directed to decide the application within a period of one month from the receipt of certified copy of present order---Petition was disposed of accordingly. In re: Alliance Motors (Pvt.) Ltd. 1997 MLD 1966 and Muhammad Ashraf Tiwana v. Pakistan and others 2013 SCMR 1159 rel. Messrs Ali Woollen Mills Ltd. v. Industrial Development Bank of Pakistan PLD 1990 SC 763 ref. (b) Companies Ordinance (XLVII of 1984)- ----S. 305---The Companies Act (XIX of 2017), S. 301---Winding-up of company---Discretion of Court---Default in holding statutory meeting/two consecutive annual general meetings---Scope---Making of a…

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