Law: Companies Ordinance, 1984

Section: 305,309

Companies Ordinance (XLVII of 1984)--Ss. 305 & 309---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Winding-up of company-Appeal before Appellate Bench---Additional Registrar of Companies sought sanction. of the Commission under Clause (b) of S.309 of Companies Ordinance, 1984 to present petition for winding-up of the company---Sanction was sought on the basis that appellant-company had suspended its business since the year 2001, which was violation of clause (c) of S.305 of the Companies Ordinance, 1984---Executive Director in exercise of his powers conferred under clause (b) of S.309 of the Companies Ordinance, 1984, authorized Registrar to file winding up petition in the High Court and appellant had filed appeal against said order---Annual accounts filed by the appellant company had established that business of the appellant company had remained suspended since the year 2000--Contention of counsel for the appellant that the company was operational and it had never suspended the business, was against the stated position in the audited accounts of the appellant for the year ending 30-6-2007---Audited accounts for the year 2001 already available with the department had clearly shown that business of the appellant company had remained suspended since the year 2000---Appellant was a listed-company and it was incumbent on the management to comply with statutory requirements laid down in the Companies Ordinance, 1984--Appellant in complete disregard of the requirements had consistently failed to file the requisite accounts and had failed to hold Annual General Meetings---Such kind of conduct could not be tolerated from a listed-company---No ground having been made out to interfere with the impugned order, same was upheld. ORDER This order in Appeal No.15 of 2005 filed by Tri Star Power Ltd. (the "Appellant") is against the order dated May 2, 2005 ("Impugned Order") passed by Executive Director, Company Law (the "Respondent"). 2. The facts leading to the case are that the Additional Registrar of Companies, Company Registration Office ("CRO") Karachi vide his letter dated 11-8-2003, sought sanction of the Securities Exchange Commission…

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