Law:

Section:

Companies Act (VII of 1913)-- ---- Ss. 104 & 105 (c) --- Partnership Act (IX of 1932), S. 44 --- Winding up of private limited company --- Company in question, being a family concern whether to be wound up like that of dissolution of a firm under S. 44, Partnership Act, 1932 --- Private limited company has to be treated as a partnership firm in the sense only that such circumstances as would justify dissolution of a firm under S.44, Partnership Act, 1932, on the ground that it was just and equitable to order a firm to be dissolved, would also justify winding up of a private company. Ebrahim v. Westbourne Galleries Ltd. and others (1972) 2 All ER 492;- Ladfi Prasad Jaiwal v. Karnal Distillery Co. Ltd. PLD 1965 SC 221; Symington v. Symingtons' Quarries Ltd. (1905) 8 F 121; (1961) 2 Ch. 426; (1970)3 All ER 370; Lock v. John Blackwood Ltd. 1924 AC 783 and Thomson v. Drysdala 1925 SC 311 and PLD 1972 Kar. 376 rel. ORDER The petitioner Humayun Baig Muhammad prays for the winding up of "Aizad Beverages Industries", the respondent-Company, of which he is a shareholder and Director, alongwith two other Directors, namely, Aizad Hasan and K.M. Nasim. According to the petitioner, the Company, from its very inception, is really a family concern a partnership firm although it is incorporated as a private Company under the Companies Act,_ 1913, and in law, therefore, it is to be wound up on the same considerations as would govern a partnership firm. In this behalf, petitioner's case is that he had floated the Company, by himself, developed its business, and has been solely carrying on the affairs of the Company by making financial arrangements with banks and other institutions, and it is through his efforts that the other shareholders of the Company have benefited. In petitioner's words, "the rest of shareholders except the petitioner's group, did little in the matter of promoting the interests of the Company and for raising any financial arrangements for running the same. The financial arrangements brought about by the efforts of the petitioner ever since the inception of the Company run into millions of rupees, which can be verified from the accounts of the Company in…

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