Law: Companies Ordinance, 1984

Section: 309

(a) Companies Ordinance (XLVII of 1984)-----S. 309-Petition for winding-up of a company-Requirements. A careful reading of section 309, Companies Ordinance, 1984 would show that a petition for winding-up of a company may be filed either:-- (a) by the company; or (b) by any creditor or creditors (including any contingent or prospective creditor or creditors); or (c) by any contributory or contributories, provided in case of private limited company, the number of members is reduced to less than 2 or his name as member appears on the register for the period mentioned in the proviso (a)(ii) of section 309; or (d) by all or any of the aforesaid parties, together or separately; or (e) by the Registrar; or (f) by the Authority or by a person authorized by the Authority in that behalf. (b) Companies Ordinance (XLVII of 1984)---- ----S.305--Circumstances under which a company may be wound up enumerated. Section 305 of the Companies Ordinance, 1984 enumerates the circumstances, in which company may be wound-up, as follows:-- `305. Circumstances in which company may be wound up by Court.---A company may be wound up by the Court-- (a) if the company has, by special resolution, resolved that the company be wound up by the Court; (b) if default is made in delivering the statutory report to the Registrar or in holding the statutory meeting or any two consecutive annual general meetings; (c) if the company does not commence its business within a year from its incorporation, or suspends, its business for a whole year; (d) if the number of members is reduced, in the case of private company, below two or, in the case of any other company, below seven; (e) if the company is unable to pay its debts; (f) if the company is-- (i) conceived or brought forth for, or is or has been carrying on, unlawful or fraudulent activities; (ii) carrying on business not authorized by the memorandum; (iii) conducted its business in a manner oppressive to any of its members or persons concerned with the formation or promotion of the company or the minority shareholders; (iv) run and managed by persons who fail to maintain proper and true accounts, or commit fraud, misfeasance or malfeasance in…

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