Law:

Section:

Modaraba Companies and Modaraba (Floatation and Control) Ordinance, (XXXI of 1980)--Ss.23, 24 & 42---Companies Ordinance, (XLVII of 1984), S.305---Winding-up of Modaraba company---Provisions of Companies Ordinance,, 1984--Applicability---Scope--:Application for winding up of Modaraba company was filed by Registrar mainly on the ground that company could not control recurring losses which had accumulated to more than 99% of the subscribed amount---Tribunal accepted the application and wound up the Modaraba company---Plea raised by the company was that no time was allowed by Registrar to improve affairs of the company and provisions of Companies Ordinance, 1984, were not followed---Validity---Registrar, under Modaraba Companies and Modaraba (Floatation and Control) Ordinance,, 1980, had nothing to do with any permission for revival of the company or its merger with any other company---Provisions of Companies Ordinance, 1984, could be pressed into service only in respect of subjects which were not covered by Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980---In presence of distinct, comprehensive and self-sufficient provisions in Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, regarding winding up Modarabas, provisions of the adopted law i.e. Companies Ordinance, 1984, could not be resorted to---Directors of the company had not done anything to show their bona fides and they had wasted six long years---Registrar had waited too long to file winding up petition, which should not have been done---Division Bench of High Court declined to interfere with the order of winding up passed by Tribunal--Appeal was dismissed in circumstances. Additional Registrar of Companies v. Messrs Norrie Textile Mills Ltd. 2004 CLD 1109 (Karachi) and Karim Cotton Mills Ltd. v. Executive Director (Enforcement and Monitoring) 2006 CLD 339 (SECP) disting. JUDGMENT ALI SAIN DINO METLO, J.---Messrs Unity Modaraba Management (Pvt.) Ltd., a Modaraba company, managing 'Unity Modaraba', has challenged judgment dated 29-7-2008 of the Tribunal constituted under section 24 of the Modaraba Companies and Modarabas (Floatation and Control) Ordinance,…

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