| Case ID |
0b84a008-10c6-4458-b5a9-2dade911d6d5 |
| Body |
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| Case Number |
Judicial Miscellaneous No. 25 of 1976 |
| Decision Date |
Nov 05, 1980 |
| Hearing Date |
Nov 02, 1980 |
| Decision |
The Sindh High Court dismissed the application filed under section 38 of the Companies Act, 1913. The court determined that the shares of Amin Fabrics Ltd. cannot be registered as the property of Amin Jute Mills Ltd. was considered abandoned under the Abandoned Properties Act. The court held that the Administrator of Abandoned Properties has the right to manage abandoned properties and that the petitioners had not complied with the necessary legal requirements for the transfer of shares. The court emphasized that it could not intervene in the jurisdictional matters governed by the Abandoned Properties Act and that equitable considerations were not applicable in disputes involving statutory rights. The petitioners were advised to pursue their remedy under section 15 of the Abandoned Properties Act. |
| Summary |
In the case of Judicial Miscellaneous No. 25 of 1976, the Sindh High Court addressed the complexities surrounding abandoned properties under the Abandoned Properties (Taking Over and Management) Act, 1975, and their implications on the Companies Act, 1913. The petitioners, shareholders of Amin Jute Mills Ltd., sought to register their shares in Amin Fabrics Ltd. following a dividend declaration. The court found that due to the provisions of the Abandoned Properties Act, the shares were considered abandoned property, and therefore, the Administrator had jurisdiction over the matter. The ruling highlighted the importance of legal compliance in share transfers and the limitations of judicial intervention in administrative decisions made under statutory authority. This case underscores the significance of understanding abandoned properties in corporate law, and it serves as a critical reference for future cases involving similar issues. |
| Court |
Sindh High Court
|
| Entities Involved |
National Bank of Pakistan,
National Investment Trust,
Amin Jute Mills Ltd.,
Amin Fabrics Ltd.
|
| Judges |
ABDUL HAYEE QURESHI, ACTG. CHIEF JUSTICE,
MAUDUD AHMAD FARUQUI
|
| Lawyers |
Kamal Azfar for Applicant,
Akhtar Mahmood Khan for the Intervenors,
Mamnoon Hassan for Respondent,
Shah Jamil Alam for the Administrator of Abandoned Properties
|
| Petitioners |
Kamal Azfar
|
| Respondents |
AMIN FABRICS LTD.
|
| Citations |
1982 SLD 116,
1982 CLC 463
|
| Other Citations |
Not available
|
| Laws Involved |
Companies Act, 1913,
Abandoned Properties (Taking Over and Management) Act, 1975
|
| Sections |
38,
2(a)(f),
3,
6,
10,
11,
15
|