Law:

Section:

(a) Companies Ordinance (XLVII of 1984)-------Ss. 9(3), 152, 73 & 263---Application for rectification of register of members of Company---Summary jurisdiction of High Court---Scope---Contentious issues involved between parties---Resolution---Petitioner filed application under S.152 of Companies Ordinance, 1984, seeking rectification of register of members of company which was a public company limited by shares and was incorporated on 18-2-1990---Petitioner alleged that respondent arid members of his family had been allotted shares without any contribution in cash or kind to the assets of company; that after transfer of originally allotted 14000 shares earlier held by previous management of another person and his family, said respondent got himself issued 250,000 shares of Rs.100 each without any subscription to company in cash or kind; that respondent committed a fraud on company by severing its assets in the form of declaration of a daily newspaper by delivering it to his son without having transferred arty benefit to the company; that all transactions were against mandatory provisions of S.73 of Companies Ordinance, 1984; that Registrar of Companies, Securities and Exchange Commission of Pakistan unlawfully accommodated returns of allotment of shares of value of Rs.2, 50.00, 000; that two returns of allotment filed with Registrar were liable to be rejected and quashed being not reflective of actual receipts of assets by company either in form of cash or in form of any property; that respondent in utter disregard of relevant provisions of Companies Ordinance, 1984, further raised the issued capital of company and had rather received additional amount from different persons without permission and consent of existing Directors; that respondent was continuously further reducing the ratio of shares holding of those who were not members of his family and in order to materialize his designs had arranged to further increase the authorized capital from Rs.40 million to Rs.50 million; that respondent was guilty of breach of trust in transferring the assets of company in the form of declaration of daily "Newspaper" to his son without any consideration and without…

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