Law: Companies Act, 2017

Section: 301(a),304

Companies Act (XIX of 2017)--- ----Ss. 301(a), 304---Winding up of company---Liabilities less than assets---Petitioner was a defunct company which seized its operations and was not carrying any business in Pakistan---Petitioner company did not have any employees, offices or major assets in Pakistan---Auditors of petitioner company were also of the opinion that it was not a going concern---According to last audited annual financial statement total assets were less than current liabilities and the company was running into loss every year---Shareholders of petitioner company, through special resolution, resolved to file application for liquidation, winding up and dissolution---High Court appointed official liquidator to assume charge of the company and proceed with winding up affairs of the company, as the company was liable to be wound up---Petition was allowed accordingly. JUDGMENT MUHAMMAD SHAFI SIDDIQUI, J.---Through this JCM petitioner seeks winding-up of company under section 304 read with section 301(A) of the Companies Act, 2017 with the following prayers:- a) Winding up, liquidation, and dissolution of the petitioner. b) Appointment of the Official Liquidator/Provisional Manager of the Petitioner for the purpose of winding up of the Petitioner; and c) Repatriation of any funds available with the Petitioners, after payment of all liabilities during the winding-up process, to the shareholders of the petitioner. Any other order or relief that may be deemed fit and proper in the circumstances of the case may also kindly be granted. 2. Per learned counsel for the petitioner, the petitioner is a private limited company incorporated under the laws of Pakistan having its CUIN 0070675. Its registered office is located at The Forum, Suite 110, Khayaban-e-Jami, Clifton, Block 9, Karachi [currently defunct]. 3. As per articles of Association of the company (Petitioner), at the time of its incorporation on 15.10.2009, petitioners authorized share capital was Rs.16,000,000 (Rupees sixteen Million only) divided into 79,584 Class A Preference shares of Rs.100/- each, 79,584 Class B Preference shares of Rs.100/- each, and 832 Ordinary shares of Rs. 83,000 divided into 832…

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