Law: Companies Ordinance, 1984

Section: 290

(a) Companies Ordinance (XLVII of 1984)---S.290--Object and scope of 5.290, Companies Ordinance 1984---Object and scope of 5.290 of Companies Ordinance, 1984 was that the affairs of the Company must be conducted in a lawful manner and strictly in accordance with Memorandum and Article of Association of the Company and it could be invoked by any share-holder or creditor of the company---Petition under S.290 of the Ordinance filed by Bank was not maintainable as Bank was neither member, nor creditor of the Company nor owned 20 per cent shares---Bank having no locus standi to file petition, same was dismissed. (b) Companies Ordinance (XLVII of 1984)--- ----Ss. 152 & 290---Petition under S.290, Companies Ordinance, 1984 ---Maintainability---Serious questions of law and facts arose from the allegations made in petition and rejoinder filed by respondent, which could not be determined in summary proceedings and same required detailed enquiry, which could not be resolved in petition---Summary jurisdiction of High Court was not to be invoked for resolution of disputes on complicated issues---Proceedings under S.152 of Companies Ordinance, 1984 did not entail investigation to resolve whether forged duplicate shares had been issued by respondents as same required detailed enquiry---Question of transfer of shares and question of limitation, was to be determined in a regular suit and under S.152 of Companies Ordinance, 1984---Petitioner could file regular suit before competent forum for redress of his grievance--­Petition otherwise being barred by laches, was liable to be dismissed. JUDGMENT The petitioner National Bank of Pakistan has filed this petition under section 290 read with 152 of the Companies Ordinance, 1984 wherein the following relief has been sought: "It is, therefore, respectfully prayed that this Honourable Court may be pleased to take all steps and issue all directions to bring to an end the illegal and fraudulent conduct of affairs by the respondent Company and specifically the Court may be pleased to make the following orders and directions: (a) That the petitioner Bank is the pledgee of 4,254,500 shares of B.W.L. bearing the distinctive numbers given…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492