Law: Companies Ordinance, 1984

Section: 305

Companies Ordinance (XLVII of 1984)--Ss. 305, 306 & 9 Petition for winding up of company Past history of the case was that the dispute had arisen inter se the parties on multiple issues, and three persons were appointed from their brotherhood to settle the dispute who gave their award and as a sequel to the said verdict, an agreement came about where there was no specific date given with respect to that and yet another agreement was also on the record which related specifically to the alienation made by the petitioner of what belonged to him ¬Statements of the Chartered Accountants and the Chief Financial Officer of the company showed that the assets as shown distributed by the two documents, had in fact been distributed and as was evident from their statements the petitioner had received what was due to him on the basis of the said documents Petitioner, however, had stated that after he had sold his assets he asked for the return of the loan which he had given to the company Validity Parties did enter into a settlement and when there had been a subsequent agreements in which senior members of the family participated for resolution of the dispute then it no longer remained a matter simplicitor under the provisions of S.305(e), Companies Ordinance. 1984 whereas High Court under the jurisdiction, of the Companies Ordinance, 1984 was governed by S.9 of the Ordinance Held so far as the petition under the companies jurisdiction was concerned, on the basis of what was prayed in the relief part of the petition same could not proceed any further: however, for pressing his relief the petitioner might have to find out the remedy under the general law. Abdur Rasheed v. Messrs Nippon Robbin Company Pakistan Ltd. and 6 others PLD 1982 Lah. 103; Hashmi & Company Limited v. K.K. & Co. (Private) Limited 1992 SCMR 1006; Messrs Adage Advertising, Lahore v. Messrs Shezan International Ltd., Lahore 1970 SCMR 184 and Habib Bank Ltd. v. Hamza Board Mills and others PLD 1996 Lah. 633 ref. JUDGMENT This is a petition under section 305 read with section 306 of the Companies Ordinance, 1984 asking for winding up of the respondent company. Mr. Alamgir Elahi was a Director of…

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