Law:

Section:

Companies Ordinance (XLVII of 1984)-------Ss. 305, 309 & 9(3)---Petition for winding-up of company by shareholders who had allegedly ceased to remain as members on Register of Company--­Locus standi to file such petition---Title to shares was based upon entries in Share Register of Company---Share Certificate in itself was not in any manner conclusive evidence at a later date, of proper title to shares---Title to shares could be proved by entries -in Share Register itself, therefore, even if Share Certificates were with petitioners, it would not help them for changes having been brought about in Share Register prima facie established that legal title to shares was no more vested in them---Petitioners' contention that duress or coercion had been exercised by respondent in obtaining documents forming part of transfer of shares and that such matter be decided---Such exercise could not be undertaken in summary proceedings as per terms of S:9, Companies Ordinance, 1984, for reasons that exercise of coercion and duress being complicated questions of facts and law could only be decided by recording evidence and holding elaborate inquiry which could more appropriately be done in regular proceedings before Civil Court which was Court of plenary jurisdiction--­Petition for winding-up of company was not maintainable in circumstances. Khurshid Ahmad Khan and another v. Pak. Cycle Manufacturing Company Ltd., Shahdarah. and 4 others PLD 1987 Lah. 1; Salah-ud-Din v. Almansoor Private Ltd. and others PLD 1987 Lah. 569 and Civil Original No.30 of 1991 and I.C.A. No. 6/7 of 1990 rel. JUDGMENT The petitioners, who claim themselves to be the contributors and share-holders of respondent-company namely Associate Engineering Concern (Pvt.) Ltd. (hereinafter referred to as company) seek winding up thereof under section 305/309 of the Companies Ordinance, 1984 on the ground that the same is just and equitable in the facts and circumstances of the case. 2. The respondent-company, which is a family concern was launched somewhere in 1975 with the primary object of construction and fabrication work in the field of mechanical and electrical engineering relating to various industrial…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492