Law: Companies Ordinance, 1984

Section: 290,209,90,90(2),292

Law: English Companies Act, 1989

Section: 459

Law: West Pakistan Water and Power Development Authority Act, (XXXI of 1958)

Section: 8(2)(c)(vii),9(2)(c)(vii)

Law: Indian Companies Act, (I of 1956)

Section: 397,398

(a) Companies Ordinance (XLVII of 1984)-- ----S. 290---Indian Companies Act (I of 1956), Ss.397 & 398---English Companies Act, 1989, S. 459---Powers of Court to take corrective measures---Scope---Law applicable on the subject in India and England--­Comparison-7-Provision of S.290 of Companies Ordinance, 1984, vests the Court with wide and vast powers to take corrective measures by passing appropriate orders in the event that it is shown that the affairs of the company are being conducted or are likely to be conducted in unlawful or fraudulent manner or in a manner prejudicial to public interest or in a manner oppressive to the members or any of the members or creditors---Such power is much wider than corresponding provisions in the repealed Companies Act, 1913, and Ss.397 & 398 of Indian Companies Act, 1956, in many respects--­Amplitude of powers conferred by S.290, Companies Ordinance, 1984 upon the Courts is unprecedented---Neither under Indian Companies Act, 1950, nor English Companies Act, 1989, the Courts enjoy such wide jurisdiction--­Jurisdiction of the Courts in India and England is much narrower, the Courts have not shied away from extending their jurisdiction---Where it is demonstrated that affairs of the company are being conducted in an unlawful or illegal manner or in a manner prejudicial to the public interest or oppressive to the members or creditors, the Court under S.290 of Companies Ordinance, 1984 can interfere. Bennet Coleman & Co. v. Union of India (1977) 47 Com. Cas. 92 and Shahbazud Din v. Service Industries Textile Ltd. PLD 1988 Lah. 1 ref. (b) Companies Ordinance (XLVII of 1984)-- ----S. 290---West Pakistan Water and Power Development Authority Act (XXX of 1958), S.8(2)(c)(vii)---Privatization of power generation unit--­Power Purchase Agreement between the Authority and the companies--- Interference with the agreement by High Court (Companies Judge) during proceedings under S.290, Companies Ordinance, 1984---Contention by companies was that no interference could be made under the proceedings--­Validity---Apart from being purchaser, the Authority was also a shareholder rather majority shareholder in the company---Power…

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