Law: Companies Ordinance, 1984

Section: 76

Companies Ordinance (XLVII of 1984)--S.76---Civil Procedure Code (V of 1908), O.XXXIX, Rr. 1, 2 & S.11---Res judicata, principle of---Applicability---Suit for declaration, permanent injunction and for rectification of register of members---Transfer of plaintiff's share by defendants fraudulently, without cause or consideration---Earlier an order of Court existed wherein transfer of plaintiff's shares was held to be in violation of provisions of S.76, Companies Ordinance, 1984---Entitlement to grant of interim injunction to plaintiff restraining defendants from exercising voting rights in respect of plaintiff's shares---Held, although strictly speaking doctrine of res judicata might not apply to decision of miscellaneous application, yet broad principles thereof, must be attracted where it was shown that issue for consideration had been finally heard and decided by Competent Court between parties in earlier proceedings---No warrant for finding existed that application in suit was barred by principle of res judicata or beyond the scope of suit--­Transfer of disputed shares of plaintiff having been found prima facie unauthorised, illegal and in violation of provisions of Companies Ordinance, 1984 and Memorandum and Articles of Association of Company,plaintiff had made out fit case for grant of injunction to restrain defendants from exercising voting right in respect of plaintiff's shares---Balance of convenience was in favour of grant of injunction to plaintiff---Plaintiff was, however, not allowed to exercise his right of vote relating to shares in question, whereas defendants were also not permitted to exercise right of vote in respect of those shares. Central Cotton Mills Ltd. v. Naveed Textile Mills Limited 1993 MLD 42 and Manzoor Ahmed Khan v. Maqsood Ali PLD 1975 Lah. 1521 ref. ORDER In this suit for declaration, consequential relief of permanent injunction and for rectification of Register of Members in respect of 5,17,400 shares, plaintiff a public limited company seeks an order restraining the contesting defendants from exercising the voting rights in respect of 5,17,400 shares in all meetings of defendant Naveed Textile Mills Ltd. and from crating…

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