Law: Companies Ordinance, 1984

Section: 319

(a) Companies Ordinance (XLVII of 1984)--S.319---Winding up order, suspending of--Scope-Power contained in S.319 of Companies Ordinance, 1984, are independent and not subject to any order in appeal and the same can be exercised irrespective of filing of appeal---Only condition imposed is that application has to be made within three years of winding up order---Court, while revoking winding up order, may put conditions to safeguard interest of creditors/contributors. Ibrahim Shamsi v. Bashir Ahmed Memon 2005 SCMR 1450 rel. (b) Companies Ordinance (XLVII of 1984)--- ----S.319---Winding up of company---Suspending winding up order-Requisites-Applicants were shareholders/Contributors of respondent company which was ordered to be wound up---Applicants sought suspension of winding up order on the ground that company had improved its commercial viability---Validity---Company had sufficiently fixed assets and interest of share-holders could be safeguarded by imposing restriction upon company not to dispose of fixed assets without permission of court---If winding up order was maintained, the share-holders would get a meagre amount against their investment---If the company was allowed to function under the supervision and control of Security and Exchange Commission of Pakistan and official liquidator, the same would be beneficial to the share¬holders---By revival of the company, there was a chance that value of shares would be increased and share-holders would be benefited---Bona fides of the company could also be judged by suspending winding up order and to allow the company to implement scheme of revival under supervision of official liquidator and Security and Exchange Commission of Pakistan--Before suspending winding up order, High Court directed the company to call Special General Meeting of creditors and contributors in accordance with provisions of Companies Ordinance, 1984, for its approval. National Bank of Pakistan v. The Punjab National Silk Mills Ltd. 1989 MLD 2963; Messrs Aeroflot Russian International Airlines v. Messrs Gerry's International (Private) Ltd. 2003 CLD 1075; Messrs Consolidated Exports Ltd. v. Messrs Dyer Textile and Printing Mills Ltd. PLD 1984…

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