Law: Companies Ordinance, 1984

Section: 305,309

(a) Companies Ordinance (XLVII of 1984)--Ss. 305 & 309---Winding up of company---Additional Registrar of Companies vide his letter had approached the Commission for grant of sanction in terms of Proviso (b) of S.309 of the Companies Ordinance. 1984 in order to enable him to present: a petition before High Court for winding up of the company which had been based on the ground that the company had suspended its business since the year 1995 in contravention of clause (c) of S.305 of the Companies Ordinance, 1984, which provided that a company could be wound up by the Court, if it suspended its business for a whole year---Under- the provisions of S.309 of the Companies Ordinance, 1984 the Registrar would not be entitled to present a petition for the winding up of a company, unless the previous sanction of the Commission had been obtained for presentation of the petition, provided that no such sanction would be given unless the company had first been afforded an opportunity of making a representation and of being heard. (b) Companies Ordinance (XLVII of 1984)--- ----Ss. 305 & 309---Winding up of the company---Provisions of S.305 of the Companies Ordinance, 1984 had provided that a company could be wound up, by the Court, if the company did not commence its business within a year from its incorporation, or suspended its business for a whole year; and if the company was run and manage¢ by persons who failed to maintain proper and true account, or committed fraud, misfeasance or malfeasance in relation to the company---In the present case. company's business had been suspended since 1995 and auditors of the company had given a qualified opinion on the annual accounts for the years ending September 30, 2004, 2005 & 2006---Failure of the company's management to start its business or to make efforts to revive the company, indicated that the management had no intention of carrying on its business/operations---Winding up of such company had become necessary so that available assets of the company could be distributed among the shareholders before such company becomes empty shells in hands of inefficient and imprudent management---Under the facts and…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492