Law: Companies Ordinance, 1984

Section: 305,306,328,329

Companies Ordinance (XLVII of 1984)--Ss. 305, 306, 328 & 329---Petition for winding up of company--Inability of company to pay its debts despite registration of several charges against its assets with Registrar of Companies--Non-filing of objections by company to petition for winding up---Creditors' plea was that petitioner and his wife as Directors of company having embezzled its entire finance be directed to pay off its liabilities---Validity---Objectors had not contested question of inability of company to pay its debts---Objectors might initiate legal proceedings against petitioner and his wife, if permissible under law---High Court ordered company to be wound up while directing its Directors to submit in terms of S.328 of Companies Ordinance, 1984 a statement regarding its affairs verified by an affidavit to Official Liquidator, who, in turn, under S.329 thereof would submit his preliminary report to Court to bring to its notice, inter alia, all factors resulting due to failure of company and further report containing his opinion of, any fraud committed by any person in its promotion and formation, whereupon Court could pass an appropriate order. JUDGMENT GULZAR AHMED, J.---This is a petition, under sections 305 and 306 of the Companies Ordinance, 1984 for winding up of the respondent. G. M. Printo Pack (Pvt.) Ltd. Petitioner claims himself to be the Managing Director and Shareholder of respondent, holding 1,112,346 shares out of the total number of 2,107,000 of the respondent. The respondent is stated to have been incorporated as a private limited liability company on 2-1-1991 having its registered office at Plot No.192. Sector 24, Korangi Industrial Area Karachi. The petitioner was incorporated with the object as mentioned in the Memorandum of Association i.e. to engage in the business of packaging, printing of cartons, labels, POS and stationery etc. It is alleged that the authorized paid up capital of respondent is Rs.30,000,000 divided into 3,000,000 shares of Rs.10 each of which paid up share capital is Rs.21,070,000. It is alleged that for the purpose of its operations, the respondent obtained various finance facilities. Demand Finance, working…

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