Law: Sale of Goods Act, (III of 1930)

Section: 2(3)

Law: Companies Ordinance, 1984

Section: 2(35)

(a) Sale of Goods Act (III of 1930)--S. 2(3)---Companies Ordinance (XLVII of 1984), S.2(35) ---Shares in company---Legal nature---Scope---Shares of company are regarded as constituting a bundle of rights that shareholder has in, and against, company (and as appropriate against other shareholders as well)---Of these, by far the most, valuable rights are the rights to participate and vote in a members' meeting (such as the annual general meeting or an extraordinary general meeting) and to receive dividends---Share certificates, in English Law are only evidence of a shareholder's title to such rights, whereas under Sale of Goods Act, 1930, share certificates are, in addition, goods as well. (b) Sale of Goods Act (III of 1930)--- ----S. 2(3)---Companies Ordinance (XLVII of 1984), S.2(35)---Shares in company---State of goods---Scope---State of goods in context of shares is not limited to their physical condition---Shares mean and include the document i.e. transfer deed duly executed by seller, without which buyer cannot enjoy benefit of goods that he is acquiring. Official Assignee, Bombay v. Madholal Sindhu AIR 1947 Bombay 217 and Ghulam Mustafa v. Officer on Special Duty, Federal Land Commission and another 1984 CLC 824 ref. (c) Civil Procedure Code (V of 1908)--- ----O. XXXIX, Rr. 1 & 2---Sale of Goods Act (III of 1930), S.2(3)--- Specific Relief Act (I of 1877), S.12--- Suit for specific performance of agreement to sell---Interim injunction, grant of---Shares purchase contract---Plaintiff and two others entered into agreement with defendant, for purchase of entire shareholding of defendant company---Defendants resisted interim injunction on the plea that plaintiff failed to make payment in terms of agreement---Validity---Payment of a sum of USD 1.5 million under one clause of agreement was not in dispute---Plaintiff claimed that another payment of USD 1.5 million under other clause of agreement was made but the same was denied by defendants---High Court for the purposes of application for interim injunction, proceeded on the basis that tentatively the payment was made by plaintiff---Plaintiff had made out a prima facie case and conduct of defendants in the…

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