Law: Companies Ordinance, 1984

Section: 305

Companies Ordinance (XLVII of 1984)---S. 305---Winding up of company---Company could not be treated as a dead unit during winding up proceedings. Grindlays Bank Ltd. v. Muree Brewery Co. Ltd. PLD 1954 Lah. 745 and Siddique Muhammad Malik and 4 others v. Immad Ifthikhat Malik and others 2000 CLC 477 ref. ORDER SALMAN HAMID, J.---Winding up petition under section 305 read with section 309 of Companies Ordinance, 1984 (Ordinance 1984) was filed by the Securities & Exchange Commission of Pakistan through its Additional Registrar Companies (SECP) on or about 14-12-2007 against Karim Silk Mills Ltd. (Respondent) on the various grounds mentioned in the body of the petition. Winding up order was passed by this Court against the respondent in terms of judgment dated 10-10-2008. Operative part of the judgment reads as under:-- "The Respondent Company has become non-functional since 1993. It has failed to maintain its accounts and submit statutory returns and that it sold its plant and machinery way back in 1999 and became dormant. All these facts have gone unchallenged. Hence it is a fit case where provisions of section 305(c) and (f)(iv) read with section 309 of the Companies Ordinance, 1984, be invoked for winding up of the Respondent Company. In the circumstances, this petition is allowed. Let the respondent company be wound up. The Official Assignee of this Court is appointed Official Liquidator to initiate winding up proceedings. His fee shall be settled after taking into consideration the quantum of work that may entail in the process of winding up of the Respondent Company." 2. The learned Official Assignee/Official Liquidator acting as such made correspondence with SECP for doing the needful i.e. production of complete names and addresses of ex-directors of the respondent and for pointing out its assets. The Official Assignee/Official Liquidator also issued letters to the ex-director of the respondent to file statement of affairs along with statement of accounts, last audited report and bank accounts. However, this was not done in the first instance. Subsequently a representation was made on behalf of the respondent and time was sought for furnishing the…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492