1986 PLP 2408 (CLC)
| Citation | 1986 PLP 2408 (CLC) |
| Forum / Court | Lahore |
| Bench Members | Muhammad Afzal Lone, J |
| Parties |
Q1: What are the key laws and sections cited in 1986 PLP 2408 (CLC)?
This judgment primarily cites: statutory provisions as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 1986 PLP 2408 (CLC)?
The case was heard and decided by the Lahore bench comprising: Muhammad Afzal Lone, J.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1986 PLP 2408 (CLC) (). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Headnotes / Summary
Companies Act (VIII of 1913)
S .194
All affairs of company having been fully wound up by mutual arrangement as evidenced by relinquishment deed directors had among themselves adjusted assest and liabilities of company
State Bank would have no objection to passing of final dissolution order
Company was ordered to be dissolved in circumstances. Iftikhar Ahmad Dar. O. L. and Kh. Saereduz Zafar for the State Bank. Aftab iqbal Cahudhty for the ex-Management.
Judgment & Decree
This order shall dispose of C.O. No. 111 of 1979 and C.O. 27 of 1982. It shall, however, remain on the file of C.O. No. 111 of 1979.
2. This company consisted of only five share-holders, who were also the Directors thereof namely (1) Khan. Umar Hayat Khan, (2) Muhammad Ashraf Butt, (3) Muhammad Anwar Shamim, (4) Mst. Shamim Akhtar widow and legal representative of late Ch. Muhammad Zaman and (5) Asif Hayat Khan. the O.L. reports that all the liabilities of the company have been cleared by the Management outside the Court. Accordingly, the company has no creditor. Its assets consist of one Motor Cycle, 1974 Model Datsun Car and some other movables, the value whereof has been assessed by the O.L. at Rs.2 lacs only. The Directors aforesaid have executed relinquishment deed, dated 19-12-1983 among themselves, which is placed on this file. In pursuance of this document, the belongings of the company are to be passed on and become property of Mr. Asif Hayat the ex- Director, in lieu of the amount spent by him on clearance of the liabilities of the company. Under this deed the mutual rights and liabilities of the parties have been adjusted.
3. In the civil miscellaneous application as well as the reports of the
0. L. , it has been prayed that as the affairs of the company have been completely wound up, a final dissolution order be passed by this Court, under section 194 of the Companies Act.
4. It is discernible from the available record that all the affairs of the Company have been fully wound up and by mutual arrangement, as evidenced by relinquishment deed, dated 19-12-1983 the Directors have among themselves adjusted the assets and liabilities of the company. The learned counsel for the State Bank has also no objection to the passing of the final dissolution order. .
5. For the foregoing reasons it is directed that the company shall stand dissolved from today. PRESENCE AS BEFORE. The learned' counsel for the Management has calculated the commission payable to the O.L. at Rs.10,
000. Mr. Umar Hayat as well, who is present in the Court and represents the Management, has no objection to the fixation of the O.L's remuneration at Rs.10,
000. He further undertakes that- it shall be paid to the O.L. within one week. The latter agrees to this fixation. It is directed that the O.L's remuneration of Rs.10,000 shall be paid to him within one week. H.B.T.
Company dissolved.