Law: Companies Ordinance, 1984

Section: 305

Companies Ordinance (XLVII of 1984)--S. 305---Petition for winding up of Company---Share-holding of the company was between the petitioners' family as well as in the respondent family and that association could not go further due to differences arising between them and allegations levelled against each other---Claim of the petitioners to the extent of share-holding had not been rebutted in a satisfactory manner by respondents---Respondents though had claimed that the shares had been transferred by the petitioners, but no proof of payment towards consideration, as alleged, had been shown notwithstanding the facts that company was owner of lands which was relevant factor to determine share value---Contention of the respondents had also not been supported through any statutory submission before the Registrar of Companies, while Registrar had confirmed the holding of the petitioners through his comments---Keeping in view the Auditor's report, there was no reason that the Company should be continued---High Court ordered that the company be wound up---Official Assignee, in circumstances, was appointed as liquidator to wind up the Company---Claims of the parties to the petition which had not been discussed, were to be scrutinized by the official liquidator. ORDER MUNIB AHMAD KHAN, J.---The petitioner has filed this petition under section 305 of the Company Ordinance, 1984 for winding up of respondent No.1 i.e. Messrs. Abdul Razzak (Private) Limited inter alia on the ground that the petitioners are major shareholders to the extent of about 2/3rd of which detail is given in para. No.6 while the company was under the control of respondent No.1 being Chief Executive of the company, hence all documents including shares were in his possession. It has also been alleged in the petition that the registered office of the company has been shifted and respondent No.1 is mismanaging the company to the disadvantages of the petitioner and the petitioners have not paid their remuneration which runs in lac of rupees nor their personal loan given to the company, has been returned while no A.G.M. has been called nor the petitioners are provided access to the companies record. Moreover…

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