Legal Principle & Question Decided

Ruling Summary: This decision was rendered by the Lahore High Court on 2024-04-24, officially reported as 2024 CLD 872. In this matter between Muhammad Younis and Messrs Shahid Surgical (Pvt.) Ltd. and others, the court adjudicated key questions of statutory construction, procedural regularity, and legal precedent under Pakistani law.

Core Holding: The honorable bench evaluated governing statutory provisions and judicial authorities to establish the rights of the parties, delivering the binding reasoning set out below.

Full Judgment Text & Judicial Ruling

Court Name: Lahore High Court Judge(s): Shahid Karim Title: Muhammad Younis vs Messrs Shahid Surgical (Pvt.) Ltd. and others Case No.: Civil Original No.81451 of 2021 Date of Judgment:2024-04-24 Reported As: 2024 CLD 872 Result: Petition dismissed

Judgment

ORDER SHAHID KARIM, J. This is a petition under Sections 126, 136 and 160 of the Companies Act, 2017. 2. C.M No.2 of 2021 has been filed as an application for condonation of delay under Section 5 of the Limitation Act, 1908. The only ground given for seeking condonation is the following: "2. That the applicant came to know regarding the impugned AGM-along with Election of Directors dated 26.12.2022, impugned AGM dated 30.10.2003 along with all subsequent AGMs and Elections of Directors, Form-A and Form-29 filed thereof during perusal of certified true copies issued by SECP on 18.08.2020. so that the applicant filed the said petition as and when came to his knowledge, the applicant could not approach this Hon'ble Court in time due to late knowledge of the impugned Annual General Meetings as well as Election of Directors." 3. Suffice to say that the above ground does not furnish a reasonable cause to compel this Court to condone the delay. It is pertinent to mention that in M/s Bentonite Pakistan Ltd. v. Bankers Equity Ltd. (2023 SCMR 1353) it has been held that such petitions where no period of limitation is provided would be governed by Article 181 of the Act, 1908 for which a period of three years is provided. The instant petition is clearly beyond that period and challenges the transfer of shares which took place in the year 2003. Each day's delay has to be explained by the petitioner which has not been done sufficiently. This petition is beyond a period of three years provided by law and is clearly statute barred. C.M No.2. of 2021 is dismissed. Consequently, C.O No.81451 of 2021 is dismissed too.

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