Law: Banking Companies Ordinance, 1962

Section: 43(b),43(c)

(a) Banking Companies Ordinance (LVII of 1962)-----S. 43(b) & (c)---Publication of a declaration in respect of a Banking Company by the State Bank of. Pakistan---Subsequent to such proceedings, initiation of winding up proceedings against the same company---Sale transaction by a Director of such company within two years/one year from the date of presentation of said winding up petition being not bona fide was void---Effect of publication of a declaration and winding up proceedings stated. On the publication of the declaration in pursuance of subsection (ii) of section 43(b) of the Banking Companies Ordinance, 1962, the company proceeded against and its subsidiary companies under section 43(c) of the Banking Companies Ordinance, 1962 ceased to function or to transact business and any transaction with such company, firm or person or with any person acting or purporting to act for or on behalf of such company, firm or person on or after the publication of the declaration, as aforesaid is void. After . the aforesaid declaration the State Bank of Pakistan filed the winding up petition and the winding up order was passed by High Court. The notice of winding up petition was published in the newspapers and the winding up order was published in Official Gazette. The vendor a director of the company knowing all these facts, in order to deprive the creditors of their legitimate claims, sold the above property to the applicant with mala fide intention. The applicant had purchased the same knowing that the said property belonged to a subsidiary company of the aforesaid company. Since the said transaction is within two years/one year from the date of presentation of the said winding up petition and is not bona fide, as such it is void. (b) Banking Companies Ordinance (LVII of 1962)-----S. 43(b) & (c)---Winding up proceedings against a Banking Company--­Objector's claim that she had purchased part of such company's property and such transaction was not hit by the provisions of S.43(b) & (c)---Official Liquidator had not supported objections of objector, giving sound reasons in his reference---Such sale transaction having been effected after the winding up…

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