Law: Civil Procedure Code (V of 1908)

Section: 6

(a) Civil Procedure Code (V of 1908)---O.XII, R.6 & O.XXIX, R.1---Recovery of money---Admissions---Plaintiff sought recovery of money against company and its chief executive---Validity---Defendant company being a juristic person was a legal entity, separate from its shareholders, the admission of liability by defendant/chief executive of the company could not be treated as admission of liability by defendant company---Defendant company despite filing of written statement, chose not to lead any evidence, challenging the claim of plaintiff against it---Nothing on record had been brought by defendant company not to accept the claim of plaintiff against it---Liability to pay was not denied by defendant company on the one hand and liability to pay was admitted by defendant/ chief executive, thus suit was decreed in terms that both the defendants would pay to plaintiff jointly and severally the amount claimed, with mark up at latest prevailing bank rate--- Suit was decreed accordingly. (b) Words and phrases--- ----"Jointly and severally"---Connotation---Jointly and severally means that when two or more members of a company declare themselves jointly and severally bound to render themselves liable to a joint action against all as well as to a separate action against each in case conditions of bond are not complied with. JUDGMENT SALMAN HAMID, J.---This is a suit for recovery of amount of Rs.3,150,000 with mark-up @ 14% from the date of sale of shares till payment and for delivery of 1,000,000 shares of Japan Power Generation Ltd. and for appropriate action by defendants Nos.3 and 4 against defendants Nos.1 and 2 with cost by the plaintiff filed on or about 12-6-2006. 2. It was claimed by the plaintiff that the defendant No.2 which was a listed company with the defendant No.4, on 2-7-2003 brokered a deal, whereby the plaintiff sold 385,000 shares of Unity Modaraba to it (plaintiff) and in return bought 1,000,000 shares of Japan Power Generation Ltd. from the plaintiff. In consideration of the this deal/trade, a sum of Rs.3,100,000 was paid by the plaintiff to defendant No.1, (Chief Executive of defendant No.2) which was the difference between the sale and purchase…

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