Law:

Section:

Companies Ordinance (XLVII of 1984)-------S. 290---Minority shareholder's application for direction to majority shareholders of company to purchase their shares at their real value ---Effect--­Court, while granting relief to party, must keep in mind that relief granted to petitioner should not be more than alleged oppression perpetuated by majority members on minority---Share price of company admittedly was somewhere between Rs.3 to Rs.4 for Rs.10 share---Company in question, and its majority shareholders would not be in such position as to raise its capital and purchase shares of petitioners---Besides, all assets of company had been mortgaged with the Bank which was not a party in proceedings---High Court, while considering that there were allegations and counter-allegations; existence of state of dead­lock between parties, complete lack of confidence between majority shareholders and minority shareholders; low value of shares; continuous losses suffered by company; and absence of all shareholders in proceedings; found it just and equitable to order winding up of company---Official Assignee was appointed to be Official Liquidator to take over the company and proceed in accordance with law. In re: Companies Act, 1913 and another PLD 1983 Kar. 45; Ebrahimi v. Westbourne Galleries Ltd. and others (1973) AC 360; Bhaskar Stoneware Pipes (Private) Ltd. and others v. Rajinder Nath Bhaskar and another (1988) 63 Comp. Cas. 184; Clemens v. Clemens Bros. Ltd. and another (1976) 2 AER 268; Gluco Series (Pvt.) Ltd. and others: In re (1987) 61 Comp. Cas. 227; In re: Haycraft Gold Reduction and Mining Company (1900) 2 Ch. 230; in re: London School of Electronics Ltd. (1986) 1 Ch. 211 and Ladli Prasad v. The Kamal Distillery Co. Ltd. PLD 1965 SC 211 ref. JUDGMENT The present petition has been filed under section 290 of the Companies Ordinance, 1984, with following prayers:--- (i) to order the respondents 2 to 6 and members of their groups or any of them or the respondent No. l company to purchase the shares of the petitioners at their real value as indicated in paragraph 24 above; (ii) to direct that necessary alterations/additions, if any, be made in the Memorandum and…

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