Law:

Section:

Companies Ordinance (XLVII of 1984)-------Ss.305 & 309---Petition for winding-up of company---Grounds of winding­up were company's failure to pay its debts and in view of heavy financial liabilities, substratum of company seemed to have disappeared---Company had admittedly earned profits in specified accounting year but profits were not distributed among shareholders including petitioner for the reason that company had suffered losses in preceding years---Facts and circumstances clearly indicated that company had failed to pay its debts to creditors---Affairs of company, being not in a problem to be run as required by mandatory provisions of Companies Ordinance, 1984, it would be just and equitable to direct its winding-up---Official Assignee was appointed Official Liquidator to take over affairs of company. ORDER Petitioners who are the consortium of Development Financial Institutions and commercial banks seek an order for winding up of the respondents company under the provisions of sections 305 and 309 of the Companies Ordinance, 1984 (hereinafter referred to as Ordinance) in the following circumstances: 2. Respondents are a public limited company registered under the Ordinance, in 1984 in terms of conditions as contained in the investment agreement and underwriting-cum-investment agreement both, dated 21-10-1984 executed between the parties. Respondents obtained a local currency loan of Rs.34,00,000 and Rs.33,60,000 at the guaranteed rate of profit at 17% per annum together with the value of Participation Term Certificates (PTCs) payable in half-yearly instalments. The amounts invested by the petitioners have been incorporated in paragraphs 4 (a) and (b) of the petition. For due performance of the terms and conditions of the loan agreement, respondents company executed a trust-deed, dated 28-1-1985 for securing the Syndicate Investment duly registered with the Assistant Registrar, Joint Stock Companies on the same date. Under Schedule 2 of the said trust-deed, respondents created mortgage, first charge and first floating charge mentioned therein on all the present and future assets of the company to secure the loan which was duly registered. According…

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