Law: Companies Act, (VII of 1913)

Section: 38

(a) Abandoned Properties (Taking Over and Management) Act (XX of 1975)- Ss. 2(a) (f ) 3, 6 & 11 - Abandoned property - Property to a be treated as abandoned by operation of provisions of Ss. 3, 6 & 11 and consequences flowing therefrom-Provisions, held, to take effect in spite of lack of notification under S. 11 of the Act. (b) Companies Act (VII of 1913)---S. 38 and Abandoned Properties. (Taking Over and Management) Act (XX of 1975), Ss. 2(a) (f ), 3, 6 & 11-Abandoned properties Question for determination before Court : Dispute between Company and shareholders on one hand and Administrator of Abandoned Properties on other-Section 38, Companies Act, 1913, held, not applicable in such case. (c) Abandoned Properties (Taking Over and Management) Act (XX of 1975)-- ---Ss. 11 & 15 and Companies Act (VII of 1913), S. 28-Transfer of shares-Transfer of shares without abiding provision of Articles of Association as contemplated by S. 28 of Companies Act-Transfer held, invalid, Administrator has power to forbid Company from transferring shares to petitioners. (d) Abandoned Properties (Taking Over and Management) Act (XX at 1975)-- S. 10-Jurisdiction-Bar of jurisdiction-High Court while exercising its original civil jurisdiction, held, cannot enter into questions to be decided by functionaries under Act itself. [Jurisdiction]. JUDGMENT The petitioner filed the present petition under section 38 of the Companies Act, 1913 in a representative capacity. He has made an application under Order I, rule 8, C. P. C., stating that he and many other nationals of Pakistan, were entitled to similar relief as claimed by him. By an order on C. M. A. No. .112/1976, dated 14-2-1977, two intervenors, namely, National Invest­ment Trust, and the National Bank of Pakistan have also been joined as co petitioners for the reason of their having identical interest in this application. This application was resisted by the Administrator of Abandoned Properties. At the time of hearing, Mr. Kamai Azfar appeared for the petitioner. Maudood Ahmed Farooqui, Mr. Akhtar Mahmood for the two intervenors, who were joined by order, dated 14-2-1977. Mr. Mamnoon Hassan for the respondent Amin…

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