Law: Companies Ordinance, 1984

Section: 444

(a) Companies Ordnance (XLVII of 1984) S.444 Petition under S.444(1)(iii) & S.444(3) of Companies Ordinance, 1984 for winding up of an unregistered company including a foreign company ¬Maintainability Essential requirements highlighted. For maintaining a petition for winding up of an unregistered company (including a foreign company) for any one or more of the grounds mentioned in section 444(1)(iii) of Companies Ordinance, 1984, it is not required that concerned company should have been carrying on business in Pakistan or had an office or a place of business in Pakistan. However, for maintaining a winding up petition of a foreign company under section 444(3) of Companies Ordinance, 1984, it is required that concerned foreign company had been carrying on business in Pakistan. There is no such requirement, if petition for winding up is made on any of the grounds mentioned in section 444(1)(iii) as no such requirement is spelt out from its wordings. Messrs James Finlay P.L.C. v. Messrs Hellenic Lines Limited and another 1986 CLC 2933 fol. (b) Companies Ordinance (XLVII of 1984)---Ss. 305 & 444 Winding up of Insurance Company merged in a foreign company (i.e. petitioner) Insurance Company ceased to carry on its business in Pakistan since 1975 and its licence was cancelled after refund of required deposit by Controller of Insurance Petitioner undertook to make alt claims, liabilities and demands, if set against Insurance Company High Court ordered winding up of Insurance Company while observing that its liability would not be extinguished, if any and would be satisfied by petitioner in view of such merger and undertaking. Messrs James Finlay P.L.C. v. Messrs Hellenic Lines Limited and another 1986 CLC 2933 rel. ORDER By this application the petitioners, a public limited company incorporated under provisions of Companies Ordinance, 1984, carrying on its operation in Pakistan, seeks winding up of respondent, a private limited company. The respondent Company was carrying on business of insurance in Pakistan in pursuance of the licence granted by the Controller of Insurance on 27 7 1948. The petitioner is a company incorporated in U.K. and as a result of their…

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