Law: Companies Ordinance, 1984

Section: 290,291

(a) Companies Ordinance (XLVII of 1984)---Ss. 290 & 291---Scope of Ss. 290 & 291 of the Companies Ordinance, 1984 with reference to the pre-conditions for the exercise of jurisdiction and limitation in exercise of such jurisdiction dilated upon. Section 290, Companies Ordinance, 1984 shows that the power/jurisdiction of the Company Court can be invoked by-- (1) any member or members holding not less than twenty percent. of the issued share capital; or (2) a creditor or creditors having interest equivalent in amount to not less than twenty percent. of the paid-up capital; or (3) the Registrar when he is of the opinion, that the ground mentioned the section exists for seeking interference of the Court. The causes which are to form basis of a petition under section 290 are;-- (a) That the affairs of the company are or are likely to be conducted in an unlawful or fraudulent manner; (b) that the affairs of the company are being conducted in a manner not provided for in its memorandum; (c) that the affairs of the company are being conducted in a manner oppressive to the member or any of the members or the creditors or creditors; (d) that the affairs of the company are being conducted in a manner prejudicial to the public interest. In addition to general power of the Court under section 290, an order under that section may invoke for-- (a) the termination, setting aside or modification of any agreement, however arrived at between the company and any director including the Chief Executive, Managing agent or other officer, upon such terms and conditions as may, in the opinion of the Court, be just and equitable in all the circumstances; (b) setting aside of any transfer, delivery of goods, payment, execution or other transaction not relating to property made or done by or against the company within three months before the date of application which would, if made or done by or against an individual, be deemed in his insolvency to be a fraudulent preference; and (c) any other matter including a change in the management for which in the opinion of the Court it is just and equitable that provision should be made. The remedy provided by section 290 is of, a…

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