2010 PLP 460 (CLD)

MS. RUKHSANA AHMAD, J.

Notices were issued to S.E.C.P. through bailiff, but none has appeared in Court and the comments as noted by the office of Additional Registrar Company has also not been filed. Be that as it may, learned counsel for the petitioner has taken this Court through his application under section 387(5) of the Companies Ordinance, 1984 read with section 151 of the C.P.C. for extension of time for concluding Liquidation proceedings of the subject company (Messrs Indus Polyester Company Limited). Unfortunately due to sad economy of the country the learned counsel has contended that 19 out of 21 Polyester units have either closed down or are in the process of winding up. A Special Board Resolution passed in an extraordinary General Meeting dated 30-10-2008 whereby Mr. Saleem Ghulam Hussain was appointed as the Liquidator of the petitioner company to conduct and conclude the winding up proceedings. The Security and Exchange Commission of Pakistan was also requested to publish the appointment of Liquidator in the official Gazette. The Official Liquidator in exercise of his powers had made an inventory of the moveable as well as immovable assets of the petitioner company which comprised of land admeasuring 6 acres bearing Plots Nos. 157, 158, 159, 160, 161 and 161-A, situated in Phase-V of Hattar Industrial Area, Hattar, District Haripur, N.-W.F.P. along with factory built thereon inter alia machinery: The Official Liquidator invited bids for sale of the immovable as well as movable assets of the petitioner Company vide publication made in various newspapers dated 28-12-2008, but due to the ongoing law and order situation in the adjoining areas of District Haripur in general and N.-W.F.P. in particular, failed to receive any bid from any party interested in the said property. The said exercise of inviting bids was repeated on 23-8-2009 but again no bids were received due to even worsened situation of law and order in N.-W.F.P. Though the Directors of the petitioner Company as well as the Official Liquidatory made relentless efforts to facilitate the sale of the assets of the company, but they remained fruitless. Under the provisions of the Companies Ordinance, 1984, the winding up process of any company has to be concluded within a period of one year, but due to the law and order situation as stated above, this could not be done so. The Official Liquidatory under the said circumstances and in the light of his report dated 5th October, 2009, gave a notice for an extraordinary general meeting dated 9th October, 2009 seeking consent of the members of the company and to resolve that the time for conclusion of winding up proceedings may be extended for a period of six months. The said extraordinary General Meeting was convened on 30th October, 2009, wherein after diligent proceedings all the members unanimously agreed and passed the Resolution whereby the time for conclusion of winding up proceedings was extended for a period of six months. It was also further resolved that the said application may be got approved by this Court. Thereafter, the petitioner has filed the present application. After perusing the annexures, which reaffirm the contentions which are written in the said application, the prayer of the petitioner that the Special Resolution passed by the members of the petitioner company vide Special Resolution dated 30-10-2009 is approved and further the time is extended for the period of conclusion of winding up proceedings by another six months from the date of passing of this order. MH/ 1-4/K Application allowed.