Law:

Section:

(a) Companies Ordinance (XLVII of 1984)--- ----Ss. 290, 410 & 415---Proceedings under S.290, Companies Ordinance---Only those allegations falling within the purview of Ss. 410 to 415, Companies Ordinance, could be examined and determined in such proceedings--­Violations of other provisions of law and liabilities incurred there under could not be gone into during proceedings under S.290, Companies Ordinance. (b) Companies Ordinance (XLVII of 1984)--- ----S. 412---Nature of proceedings under S.412, Companies Ordinance--­Limitation ---Proceedings for examining the conduct of Directors and other functionaries of the Company although had the trappings of civil proceedings, yet no discrimination could be claimed on the plea that some others who were party to the loot or misappropriation etc. had not been proceeded against---Provision of S.412(2), Companies Ordinance provides for period of limitation for initiating such proceedings ---Proceedings could be initiated against those delinquent Directors against whom sufficient material to substantiate the allegations was available---Plea that proceedings once initiated could be continued even against heirs of the deceased Directors need not be examined as no such situation had arisen in the proceedings---All the Directors could not be made responsible for acts and omissions of Director-incharge in the absence of proof that they all knew all those acts and omissions not warranted in law and despite that they failed to take steps to mend the matters---Plea of discrimination in respect of such Directors was repelled. Vijai Luxmi Sugar Mills Ltd. (In liquidation) Official Liquidator v. Mathura Prasad and others AIR 1963 All. 55; Faure Electric Accumulator Company (1889) 40 Ch.D 141 and In re: City Equitable Fire Insurance Company Limited (1925) 1 Ch. 407 ref. (c) Companies Ordinance (XLVII of 1984)--- ----Ss. 412 & 413---Limitation Act (IX of 1908), Arts.36 & 95-y-Proceedings under Ss.412 & 413, initiated against delinquent Directors---Provisions of Arts.36 & 95, Limitation Act, would not extend to such proceedings as provision of S.412, Companies Ordinance 1984, itself has provided period of…

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