Law:

Section:

M/s. Pakistan State Oil Company Limited has filed this petition under section 309 of the Companies Ordinance, 1984 seeking winding up of respondent No.1, namely, The Pakistan Oil Pipelines Limited, a public company limited by shares (hereinafter called the 'Company) incorporated on 12-71990 having its registered office at Villa No. C-33, Darakshan Scheme Defence Housing Society, Phase V, Karachi. Respondents Nos. 2 to 6 are five out of its seven directors and respondent No.7 is M/s. Allied Bank of Pakistan, the bankers of the Company.

The nominal capital of the company is Rs.500,000,000 (Rupees five hundred million) divided into 50 million shares of Rs.10 each. The paid-up capital of the Company is Rs.3 million comprising 300,000 shares of Rs.10 each. The objects among others as set forth in the Memorandum of the Association of the Company are as follows:--