Law: Companies Act, 2017

Section: 17, 37, 31, / 3, 5, 6, 8

Law: Trusts Act, 1862

Section:

(a) Companies Act (XIX of 2017)-------S.17---Companies Ordinance (XLVII of 1984) [Since repealed], S.31---Companies Act (VII of 1913) [Since repealed], S. 21---Memorandum and Articles---Object, purpose and scope---Articles of Association always regulate relationship between a Company and its member as its shareholder---Such relationship between shareholder and Company is governed by the Articles of Association.(b) Trusts Act (II of 1882)-------Ss. 3, 5, 6 & 8---Companies Act (XIX of 2017), S.17---Companies Ordinance (XLVII of 1984) [Since repealed], S. 31---Companies Act (VII of 1913) [Since repealed], S. 21---Suit for recovery of money---Unpaid dividends---Memorandum and Articles---Trust---Creation and subject---Unjust enrichment, principle of---Applicability---Plaintiff sought recovery of markup and profit on unpaid dividends retained by defendant company---Validity---Where author of trust makes a clear written declaration of trust, no actual transfer of movable trust property or trust money is necessary, and where author of trust is himself the trustee such declaration need not be registered---There was no declaration of trust by defendant Company in favor of plaintiff---Three certainties to form a trust based on judgments and provisions of law were also missing---Three missing requirements, include, (1) Defendant company intended to constitute a trust for unpaid dividends; (2) Defendant company intended to bind definite property (profit on unclaimed shares) by the trust; and (3) defendant company intended to benefit a definite person (plaintiff) in a definite way---Defendant Company was not acting as a trustee---Plaintiff voluntarily and willingly remitted funds to purchase shares that defendant company never registered, and used dividends from disputed shares for almost 37.5 years---Defendant company was bound to compensate plaintiff for unjust enrichment it had enjoyed for 37.5 years based on the orders of High Court passed in appellate jurisdiction read in the light of relevant articles of the Articles of Association of 1953, 1986 and 2007---Plaintiff was entitled to profit/interest on unpaid dividends on the basis of equity and/or unjust…

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