Law: Companies Ordinance, 1984

Section: 292

Law: Companies Ordinance, 1984

Section: 292

Law: Civil Procedure Code (V of 1908)

Section: 1,2,O.XXXIX

(a) Companies Ordinance (XLVII of 1984)-------S. 292---Civil Procedure Code (V of 1908), O.XXXIX, Rr.1 & 2---Interim order regulating conduct and affairs of Company---Essentials---Minority shareholder's (petitioner's) application against respondent (Company) and its directors for stay of respondent's meeting when business of company was to be transacted alongwith election of directors---Provision of 5.292, Companies Ordinance, 1984 empowered Court to pass such interim order as it thought fit regulating conduct of affairs of company upon such terms and conditions as were just and equitable---Discretion vesting in Court must, however, be exercised in a just and equitable manner and not arbitrarily and capriciously---Requirement of O.XXXIX, Rr.l & 2, C.P.C., however, were not attracted to the exercise of powers under S.292, Companies Ordinance, 1984. (b) Companies Ordinance (XLVII of 1984)--- ----S. 292---Agreement of parties before Court to formula regarding functioning of company till the hearing of main petition---Parties were required to adhere strictly to agreed interim arrangement and to avoid indulging in exercise which might result in multiplicity of proceedings---Impugned notice of meeting on specific question was seemingly an attempt to disturb situation sought to be achieved under consent order and it appeared that directors, through, intended device covered under agenda of impugned meeting wanted to strengthen their hold over affairs of company---Petitioners did not recognize directors as having been validly elected and were complaining against oppressive activities being conducted by them---Truth or otherwise of such allegations, however, would be examined at the time of hearing of main petition---Interest of justice demanded that operational sphere of Directors should remain confined to terms of their interim arrangement---Just and equitable course would be to prohibit holding of meeting called through impugned notice till hearing of main petition. Halsbury's Laws of England, 4th Edn.Vol. 24, paras. 906, 956; National Petrocarbon (Pvt.) Ltd. and 2 others v. Registrar of Trade Unions and 6 others 1989 CLC 1975; Marghub Siddiqi v. Hamid Ahmed…

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