Law:

Section:

Companies Ordinance (XLVII of 1984)-------Ss. 309, 305, 231, 261, 208, 195, 473 & 476---Securities and Exchange Commission of Pakistan Act (XLII of 1997), Ss.20 & 30(6)(7)---Petition for winding up of unlisted public limited company by Registrar of Companies Securities and Exchange Commission of. Pakistan---Material available on record showed that sanction for winding up proceedings had been grunted without affording an opportunity to the company to make a representation of being heard; that there was no investigation to the affairs of lire company but it was only on an inspection by the State Bank of Pakistan who was not authorised by the Securities and Exchange Commission of Pakistan; that company being art unlisted public limited company in which no public money was involved and none from the public had made any complaint nor had come forward against the affairs of the company; that State Bank of Pakistan had only identified the irregularities of the company but had not recommended for the sanction of presentation of petition for (finding up of the company; that Registrar of Companies, in view of S. 231, Companies Ordinance, 1984, had not inspected the books of accounts of the company nor had called for any explanation as provided under S.261, Companies Ordinance, 1984 and had also failed to properly exercise the powers under Ss.20 & 30(6)(7) of the Securities and Exchange Commission of Pakistan Act, 1997 and that report of the Slate Hank of Pakistan revealed that one of the Directors of the Company had withdrawn an amount from the company which was repaid, he had thus violated S.208, Companies Ordinance, 1984 and was liable for fine---Held, that the petition, for winding up for the company was not maintainable in view of non-affording the opportunity to the company of being heard by tire Securities and Exchange Commission of Pakistan --Inspection of Lire Slate Bunk of Pakistan, in circumstances, could not be treated as inspection by the Commissioner, therefore, the sanction awarded for presentation of the petition for winding up of the company was against the law and deviated from the provisions of lire Companies Ordinance, 1984---Director who…

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