Companies Act, 2017

PART-X

WINDING UP BY COURT

Companies Act, 2017 PART-X WINDING UP BY COURT From: 2023-11-01 - To: 0000-00-00 301. Circumstances in which a company may be wound up by Court- A company may be wound up by the Court- (a) if the company has, by special resolution, resolved that the company be wound up by the Court; or (b) if default is made in delivering the statutory report to the registrar or in holding the statutory meeting; or (c) if default is made in holding any two consecutive annual general meetings; or (d) if the company has made a default in filing with the registrar its financial statements or annual returns for immediately preceding two consecutive financial years; or (e) if the number of members is reduced, in the case of public company, below three and in the case of a private company below two; or (f) if the company is unable to pay its debts; or (g) if the company is- (i) conceived or brought forth for, or is or has been carrying on, unlawful or fraudulent activities; or (ii) carrying on business prohibited by any law’ for the time being in force in Pakistan; or restricted by any law, rules or regulations for the time being in force in Pakistan; or (iii) conducting its business in a manner oppressive to the minority members or persons concerned with the formation or promotion of the company; or (iv) run and managed by persons who fail to maintain proper and true accounts, or commit fraud, misfeasance or malfeasance in relation to the company; or (v) managed by persons who refuse to act according to the requirements of the memorandum or articles or the provisions of this Act or failed to carry out the directions or decisions of the Commission or the registrar given in the exercise of powers under this Act; or (h) if, being a listed company, it ceases to be such company; or (i) if the Court is of opinion that it is just and equitable that the company should be wound up; or (j) if a company ceases to have a member; or (k) if the sole business of the company is the licensed activity and it ceases to operate consequent upon revocation of a licence granted by the Commission or any other licencing authority; or (l) if a licence granted under section 42 to a company has been revoked or…