Law:

Section:

(a) Companies Ordinance (XLVII of 1984)-------S. 493---Wrongful possession of property of company---Where property was owned by company and any of the officers wrongfully withheld same or wilfully applied to purposes other than those expressed or directed in the Articles and authorised by Companies Ordinance, 1984, provisions of 5.493 of the Ordinance were applicable. Mirza Munawar Ahmad and others v. Official Liquidators and 3 others PLD 1980 Lah. 86 rel. (b) Companies Ordinance (XLVII of 1984)--- ----S. 493---Alienation of company's property by a Director ---Validity--­Company Judge, jurisdiction of---One of the Directors/vendor of the company sold a property of company---Managing Director filed petition under 5.493, Companies Ordinance, 1984 whereby alleged transfer was challenged ---Vendee was not an employee, a Director, Chief Executive or agent of company and as such was not amenable to the jurisdiction of Company Judge---Question of such a transaction was one of fact and same, at best, could be resolved by the Court of plenary jurisdiction as the summary proceedings in the exercise of corporate jurisdiction were not meant to decide such a question---Such a transaction of sale in favour of vendee could not be declared to be void or voidable at the option of the Managing Director or the vendor under S.493 of the Companies Ordinance, 1984---Petition being not maintainable was dismissed accordingly. B.R. Herman and Mohatta Inida v. Ashok Rai and another AIR 1984 Delhi 61; Govind T. Jogtiani v. Sirajuddin v. Kasi, Senior Administrative Officer Indian Oil Corporation (1983) 2 Comp. LJ 8 (Bob.); Beguram v. Jaipur Udhyog Limited AIR 1987 Jaipur 744; British India Corporation Ltd. and others v. Robert Menzies AIR 1936 All. 568; Nava Samaj Ltd. Nagpur and others v. Civil Judge, Class-1, Rajnanadgaon and others AIR 1966 Madh. Pra. 286; Premier Automobiles Ltd. v. Kamlakar Shantaram Wadke and others AIR 1975 SC 2238 and Damodar Das Jain v. Krishna Charan Chakraborti and another AIR 1985 Com. Cas. 115 rel. (c) Coercion--- ---- Concept---One can be said to be a victim of coercion only when he is under the direct positive or actual force i.e. under any arm or a threat.…

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