Law: Companies Ordinance, 1984

Section: 290

Companies Ordinance (XLVII of 1984)--S.290---Petition for winding up of company---Plea of petitioner was that company was showing loss for the last ten years; and that affairs of company were oppressive to members and were not being managed in accordance with sound business principles/prudent commercial practices---Petitioner was holding shares less than 20% of issued share capital of company---Effect---Purpose of S.290 of Companies Ordinance, 1984 was to keep company going as well as to secure interest of minor shareholders from acts of oppression and mismanagement---Petitioner, not holding qualified shares could not maintain such petition, thus, same was dismissed. ORDER NADEEM AZHAR SIDDIQI, J.---By filing of this judicial miscellaneous application the applicant/petitioner has prayed for winding-up of respondent No.1. The petitioner submits that he holds 78 shares of respondent No.1 and since long the said company has not issued any dividend and dividends which were issued were not honoured and the same have been forfeited. The petitioner further submits that since long the respondent-Company is running in loss and it will be appropriate that the same should be wound-up. Learned counsel for respondent No.1 submits that earlier also a petition being J.M. No.43 of 2003 was filed which was disposed of vide order dated 9-3-2005 and the respondent-Company had offered for purchase of the shares of the petitioner and his family as well as to pay the dividends to them. Learned counsel for respondent No.1 has again made this offer and is agreed to deposit the face value of the shares held by the petitioner and his family before the Nazir of this Court as well as the dividends which were not encashed by the petitioner and his family. Learned counsel further submits that the petition is not maintainable without satisfying the requirements as provided under section 309 of the Companies Ordinance. He then submits that the petitioner and his family from time to time has encashed the dividends issued by the company and only one dividend amounting to Rs.214 has not been encahsed. The assistance has been acquired from Khawaja Shamsul Islam, Advocate, who submits that unless…

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