Law:

Section:

Companies Ordinance (XLVII of 1984) -- S.305 Winding-up of company Locus standi Petitioner was employee of the respondent Company and was also involved to another business Effect Petition was dismissed in circumstances. JUDGMENT This is a petition under section 305 of the Companies Ordinance, 1984 for winding up the Company respondent No.1 wherein the petitioner has prayed as follows: (i) To wind up the company: (ii) To appoint the Official Assignee as Official Liquidator to take over the possession of the assets with further authority to appoint a Chartered Accountant of repute other than Company's Auditors to take and audit complete account of the Company with full authority to look into all and any documents without any reservations. (iii) To take action against the respondents Nos.2, 3 and 4 who purportedly acting as Chief Executive of the Company hijacked the business deal of NOKIA to their own partnership firm causing great loss to the company fraudulently and to recover the same from them. Briefly the facts of the case are that petitioner as well as respondents Nos.2 and 3 are the founder Directors and shareholders of respondent No.1, having 33% shareholding. The petitioner is also the Managing Director of the Company was entitled to various benefits as per terms and conditions of his Contract Employment dated 1 1 2000. It is the case of petitioner that some time in September, 2001 respondent No.4 was inducted into the management of the Company unauthorizedly representing himself as the Chief Executive of the Company without any formal appointment. The petitioner sent legal notice to respondent No.4 to settle and negotiate all outstanding issues regarding the affairs of the Company. The petitioner being Managing Director of the Company started negotiations with Messrs Nokia Middle East for its agency in Karachi. In response to said negotiations Messrs Nokia conveyed a draft Mutual Non Disciusre Agreement for said deal. It is further the case of the petitioner that since he has to leave as Managing Director of the Company with effect from 11 9 2001 therefore, ongoing negotiations for the said deal with Messrs Nokia were subsequently handled by respondent…

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