Law: Companies Ordinance, 1984

Section: 152,290

(a) Companies Ordinance (XLVII of 1984)---Ss. 152 & 290 Application for rectification of register of hates Petitioners claiming to be owners of more than 20% of total share capital denied execution of document-witnessing transfer of shares from them in favour of respondents being result of fraud and fabrication as on such dates, appellants were not present in Pakistan respondents had filed civil suit questioning such denial by petitioners Genuineness of transfer of such documents in the light of petitioners' claim that they were not present in Pakistan on the date of its execution could not be resolved in summary jurisdiction High Court advised parties to approach Civil Court of competent jurisdiction for such purpose Once ownership of parties was established through findings of Civil Court, then they could always approach High Court in summary jurisdiction for a relief under S.152 as well as S.290 of Companies Ordinance. 1984 High Court disposed of the petition in circumstances. Zakir Latif Ansari and others v. Pakistan Industrial Promoters Limited and others 1988 CLC 1541 and Bhai Aziz ur Rehman and others v. Messrs Ghafur Textile Mills Limited, Karachi and others 1987 CLC 577 ref. (b) Companies Ordinance (XLVII of 1984) S. 152 Petition for rectification of register of shares ¬Disputed questions of fact as to genuineness of documents could not be resolved in summary jurisdiction. Zakir Latif Ansari and others v. Pakistan Industrial Promoters Limited and others 1988 CLC 1541 and Bhai Aziz ur Rehman and others v. Messrs Ghafur Textile Mills Limited, Karachi and others 1987 CLC 577 ref. JUDGMENT The petitioners claim to be shareholders of more than 20% of the total issued capital of Rs.50 lacs in Messrs Theromosole Industries (Pvt.) Limited. However, it is the case of the respondent that the said Company incorporated on 30th May, 1985 was necessarily a family concern headed by late Syed Quwwat Ali Shah. They claim that after his death in the month of February, 1995 the parties on the efforts of their mother arranged a settlement through which the petitioners sold their shareholding in favour of the respondents. Further that in order to formalize the…

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