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Citation: 1968 PLD 210
Court: Supreme Court of Pakistan
Year: 1970
Decision Date: 1970-12-31
Petitioner: NAEEM FINANCE LTD. AND ANOTHER., DR. MUHAMMAD SHARIF MUTTAQI., Ch. JUDGMENT
119 AIR 1923 Lah. 58 AIR 1924 Lah.
Court Name: Supreme Court of Pakistan Judge(s): Waheeduddin Ahmad, Hamoodur Rahman, Mujibur Rahman Khan Title:NAEEM FINANCE LTD. AND ANOTHER., DR. MUHAMMAD SHARIF MUTTAQI., Ch. JUDGMENT Reported As: PLD 1971 Supreme Court 8 Result: Appeal dismissed Judgment JUDGMENT WAHIDUDDIN AHMAD, J.--This judgment will dispose of Civil Appeals Nos, 11, 41, 42 and 43 of 1966 which have arisen out of the judgment of the West Pakistan High Court, Lahore in Civil Original No, 35 of 1961 dated the 21st July 1962. These have arisen in the following circumstances :- Dr. Muhammad Sharif Muttaqi, appellant in Civil Appeal No, 41 of 1966, is associated with Muslim Insurance Company Limited, Lahore, since its very inception. The above insurance Company was incorporated in 1934 with meagre resources though it had on its Board of Directors eminent personalities like Dr. Sir Muhammad Iqbal, Mian Abdul Hayee and Begum Jehan Ara Shah Nawaz. In the beginning, M/s. Muttaqi & Co., were the Managing Agents of the above company and Dr. Muhammad Sharif Muttaqi, was the ex-officio Director of the company. He was in management and control of the affairs of the Insurance Company. Till the partition of the subcontinent, the business of the Company was not very large but after Partition, with the exodus of non-Muslim Companies from Pakistan. the Muslim Insurance Company had wide field to expand and was successful in having good business which gradually mounted to several crores of rupees. The total income from…
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