Sh. MAQBOOL ELLAHI AND 3 Other vs RASOOL & Co. LTD. AND 2 Other — 1967 PLD 44

Citation: 1967 PLD 44

Court: Lahore High Court

Year: 1969

Decision Date: 1969-10-24

Parties: Sh. MAQBOOL ELLAHI AND 3 Other vs RASOOL & Co. LTD. AND 2 Other

Headnotes

Case cited as PLD 1967 Kar. 44

Judgment Text

Court Name: Lahore High Court Judge(s): Muhammad Akram Title: Sh. MAQBOOL ELLAHI AND 3 Other vs RASOOL & Co. LTD. AND 2 Other Case No.: Civil Miscellaneous No. 7/L in Civil Original No. 4 of 1969 Date of Judgment:1969-10-24 Reported As: PLD 1970 Lahore 539 Result: Application accepted JUDGMENT JUDGMENT MUHAMMAD AKRAM, J.---This is an application by Sh. Maqbool Elahi and others against the respondents under section 175 of the Companies Act VII of 1913 (hereinafter called the Act) for the appointment of a Provisional Liquidator for Sh. Fazal Elahi (Lyallpur) Limited, pending their main petition (C. O. 4 of 1969) made under section 162 of the Act for winding-- up of this Company. 2 Sh. Fazal Elahi (Layallpur) Limited (hereinafter called the Company) is a private limited Company. It is named after the father of Sh. Maqbool Elahi petitioner No. 1. It was registered on the 31st of October 1957, with a nominal capital of Rs. 1,00,00,000.00 (one crore) divided into two lass shares of Rs. 50.03 each. It is a manufacturing concern founded by the parties and their predecessor. 3. The main petition under section 162 of the Act for the winding up of the Company is based on the following allegations in brief:- "There are in all five shareholders of this Company holding the following shares:- Rs. Rs. (i) Sh. Maqbool Elahi, petitioner No. 1. 3,250 x 50 1,62,500.00 (ii) Mst. Khalida Khanum (wife of petitioner No. 1) petition--er No. 2. 1,250 x 50 62,500.00 (iii) Javed Maqbool (son of…

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