Law:

Section:

Keywords: Chairman, Costs, Provisions, Violation, Establishment, Consideration, Delivery, Holders, Annual General Meeting, Petition, Finance, Liability, Division, Entitled To Compensation, Balance Sheet, Change, Certificate, Evidence, Relief, Inter Alia, Revaluation, Constitutional Petition, Order, Government, Management, Compensation, Federal Government, Failure, Communication, Copy, Prejudice, Consultation, Place, Notice, Dispute, Determination, Fictitious, Petitioner, Fixed Assets, Acquisition, Director, Acquisition Of Shares JUDGMENT MALIK MUHAMMAD QAYYUM, J.- M/s. Chittagong Steamship Corporation Limited, a company incorporated with limited, liability under the Companies Act 1913, was carrying on a business as a Steamship company. On lst of January, 1974, the Pakistan Maritime Shipping (Regulation and Control) Ordinance, 1974, (Ordinance No.111 of 1974) was promulgated by the President which authorised the Federal Government to take over the management and/or to acquire the shares or business of an establishment if it was considered necessary in public interest so to do. Pursuant to this Ordinance, on lst of January, 1974 the management of the company was taken over by the Government which appointed its own Managing Director on the same day. 2. Subsequently on 7th May, 1975, the Government acting under section 5 of the Pakistan Maritime Shipping (Regulation and Control) Act, 1974 (which had replaced the Ordinance in the meanwhile) acquired the shares of all the share-holders of the company including those of the petitioner. 3. There is no dispute that compensation payable to the shareholders was to be worked out on the basis of the principles set out in the schedule to the Act as required by section 14 thereof. 4. On 8th May, 1975 an order was passed by respondent No.1 purporting to determine the break up value of the shares of the company of the face value Rs.100/- at Rs.51.17. According to the petitioner, this determination was not in accordance with law and the break up value of the share should have been determined on the basis of the latest audited balance sheet i.e. For the year ending 31st of December, 1973. 5. It appears that when the petitioner…

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