Law: Companies Ordinance, 1984

Section: 305

Companies Ordinance (XLVII of 1984)--Ss. 305 & 309---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Winding up of Company---Appeal---Appellant-Company had failed to hold its Annual General Meetings from 1997 onwards, its business had also been suspended since 1997 and it had not filed any statutory returns with the CRO ever since---Various fines imposed on Company for violation of different provisions of law, had not been deposited by Company---In the light of said facts Registrar approached the Commission for grant of sanction in terms of cl. (b) of S.309 of Companies Ordinance 1984 for winding up of appellant-Company---Show-cause notice was issued to Company and opportunity of hearing was also given to it, but no one appeared on its behalf on the date of hearing before Commissioner and consequently sanction was granted to Registrar by Commissioner for winding up of Company---Contention of appellant-Company that statutory defaults could be regularized and same were not as serious to invite such harsh penalty of compulsory winding up, was repelled as Company had been in constant default as to the mandatory Statutory requirements---Further contention on part of Company was that Management intended to revive the Company, but no plan for such revival had been presented even after filing of petition for winding up against Company---Order passed by Commissioner for winding up Company, could not be interfered with in appeal. ORDER This order will dispose off Appeal No. 32 of 2003 filed under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 by Schon Textile Mills Limited (the "appellant") against the order dated 2-7-2003 (the 'impugned Order') passed by Commissioner (Enforcement and Monitoring). 1. The facts leading to this appeal are that the Appellant has failed to hold its annual general meetings from 1997 onwards. Its business has also been suspended since 1997 and it has not filed any statutory returns with the CRO ever since. In addition, it is not maintaining its registered office at the notified address. The financial condition of the appellant as on June, 1996 showed that the accumulated losses of the…

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