Law:

Section:

(a) Companies Ordinance (XLVH of 1984)-------S.292---Civil Procedure Code (V of 1908), O. XXXIX, Rr. 1 & 2---Interim relief---Discretion vesting in Court, exercise of---Discretion vesting in Court must be exercised in just and equitable manner and not arbitrarily and capriciously---Requirements of O. XXXIX, Rr. 1 & 2, C.P.C., were, however, not attracted to the exercise of powers under S.292, Companies Ordinance, 1984. Halsbury's Laws of England, 4th Edn., Vo1.24, paras. 906, 956; National Petrocarbon (Pvt.) Ltd. and 2 others v. Registrar of Trade Unions and 6 others 1989 CLC 1975; Marghub Siddiqui v. Hamid Ahmed Khan and 2 others 1974 SCMR 1975; P.I.A. v. Hazir (Pvt.) Ltd. PLD 1993 Kar. 190; Shahzadi Baber v. Hina Housing Project Limited 1994 CLC 1601; Hind Overseas (Pvt.) Ltd. v. R.P. Jhunjhunwalla AIR 1976 SC 565 and K.G.K. Ananthakrishnan v. Burdwan Kutwa Railway Co. (1978) 48 Comp. Cas. 611 at pp. 636-637 ref. (b) Companies Ordinance (XLVII of 1984)--- ----S. 292---Civil Procedure Code (V of 1908), O. XXXIX, R. 1 & 2---Interim relief---Meeting of company scheduled to take up specified agenda was sought to be restrained by petitioners through interim order in terms of S.292, Companies Ordinance, 1984---Petitioners did not recognize Directors as having been validly elected and were complaining of oppressive activities being conducted by them-­Truth or otherwise of such allegations, however, would be examined at the time of hearing of main petition---Court, in interest of justice, confined operational spheres of Directors to the terms of their interim arrangement which had been submitted in Court at initial stage of proceedings---If Directors were not restrained from acting in pursuance of agenda of meeting, balance would tilt in their favour thereby aggravating grievance of petitioners---Meeting of Directors of Company to carry out agenda of meeting was prohibited till hearing of main petition. ORDER Allowed. 2. This order will dispose of application (Civil Miscellaneous Application No.839 of 1996), under section 292 of the Companies Ordinance, 1984 (hereafter Ordinance, 1984) read with section 151, C.P.C., wherein the petitioners have prayed…

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