Law: Companies Ordinance, 1984

Section: 305 , 290

Companies Ordinance (XLVH of 1984)--- ----Ss. 305 & 290---Winding up of Company and appointment of Official Liquidator -- -Relationship between parties was that of partnership firm in the form of company limited by shares with equal shareholding ---Two Directors from each of parties with 50 per cent. shareholding indicated that company itself was incorporated by two brothers as family concern---Conduct and attitude of parties towards each other indicated that there was complete lack of faith and confidence and business of company was at standstill for more than two and half years---Court while exercising jurisdiction under Companies Ordinance, 1984, was competent to take into consideration subsequent events and developments taking place even after institution of winding up petition---Parties had been attempting to distribute assets and properties in the name of company for considerable period of time but no mutual settlement could be arrived---Court exercising its discretion could mould relief in view of changed circumstances in order to avoid multiplicity of litigation and to do complete justice between parties---Fit case for winding up had been made out on several grounds amongst others that there was complete dead-lock in relation to conduct of affairs of company and that affairs of company were not being conducted in accordance with provisions of Companies Ordinance, 1984 nor were they be likely to be so conducted-- -Just and equitable relief would be to order winding up of company---Official Assignee was appointed as Official Liquidator with all powers to take over assets, liabilities, debts and securities of company. Mansoor Ali Bandey Ali v. Marine Food Industries Limited 1985 CLC 1239; PLD 1989 Kar. 404; PLD 1978 SC 220; Ladliy Prasad Jaiswal v. Karnal Distillery Company Limited PLD 1965 SC 221; Nagina Films v. Usman Hussain 1987 CLC 2263; Muhammad Sabbir Khan v. Muhammad Anwar 1988 CLC 1955; Pakistan State Oil Company v. Pak O.P. Limited PLD 1963 Kar. 322; Khurshid Ismail v. Unicam Corporation (Pvt.) Ltd. 1996 CLC 1863; In re: Krudd -Sons Ltd. Karachi PLD 1972 Kar. 376 and Muhammad Fikree v. Fikree Development Corporation Limited 1992 MLD 668 ref.…