Law: Companies Ordinance, 1984

Section: 305

Companies Ordinance (XLVII of 1984)---Ss. 305 & 309---Winding up of company---Losses to company---Petitioner sought winding up of company on the ground that the company was incurring losses every year---Notices were issued to the company through bailiff, courier, publication and official gazette and was duly served---Despite service, there was no response, reply or rebuttal by the company---Validity---Auditors of the company had also expressed their opinion that there was material uncertainty about the company's ability to continue as a going concern---Despite service the respondent/company did not come forward to dispute or deny the allegations as raised in the petition---High Court directed winding up of the company and official liquidator was appointed to take further actions according to law--- Petition was allowed accordingly. Ladali Prasad Jaiswal v. The Karnal Distiller Co. Ltd. PLD 1965 SC 221; Mst. Qamar Loan and 5 others v. Kashmirian (Pvt.) Ltd. and 6 others PLD 1997 Kar 376; Muhammad Shabbir Khan and others v. Muhammad Anwar 1988 CLC 1955; Mst. Khursheed Ismail and others v. Uni Chem Corporation (Pvt.) Ltd. and others 1996 SCLC 1863; Nagina Films Ltd. v. Usman Hussain and others 1987 CLC 2263; Mansoor Ali Bandeali v. Marine Foods Industries Ltd. and others 1985 CLC 1239; Ebrahim's case (1973) AC 360; Jehan Khan v. Province of Sindh and others PLD 2003 Kar. 691; Mehmood-ul-Hassan and another v. Baig Industries Pvt. and others 1997 CLC 1577 and Sheikh Mazhar Ali v. Lasani Straw Board Mills Pvt. Ltd. and 4 others 2003 CLD 1494 ref. JUDGMENT SALMAN HAMID, J.---This petition for winding up of Bambino (Pvt.) Limited (Respondent) under sections 305 and 309 of Companies Ordinance, 1984 (Ordinance 1984) was preferred by Mr. Zulfiqar Hussain, Mrs. Shenaz Sheikh and Mr. Ali Zayyad (Petitioners). 1. Petitioner No.1 and his late brother Shaikh Imtiaz Hussain (Deceased) entered into an agreement dated 28-6-1978 for transfer of shares of the respondent along with Western Export Limited, whereby 1855 shares each were transferred in the name of petitioner No.1 and the deceased and 3310 shares were transferred to Western Export Limited. In or about 1981 the…

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