| Case ID |
160f523e-e732-47d7-b6c9-ae0868d752b5 |
| Body |
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| Case Number |
Civil Petition No. 2669 of 2016 |
| Decision Date |
Oct 31, 2018 |
| Hearing Date |
Oct 31, 2018 |
| Decision |
The Supreme Court of Pakistan upheld the decision of the Islamabad High Court to wind up CONTROL RISK (PVT.) LTD. due to its engagement in activities beyond the scope of its Memorandum of Association. The petitioner was found to be providing security-related services, which posed a security risk to the country. The Court emphasized that the requirements for winding up under sections 305 and 309 of the Companies Ordinance were distinct and clearly outlined the conditions under which a company can be wound up. The petition for leave to appeal was dismissed as the High Court had valid reasons for its decision. |
| Summary |
In the case of CONTROL RISK (PVT.) LTD. vs ADDITIONAL REGISTRAR COMPANIES REGISTRATION OFFICE SECP, the Supreme Court of Pakistan adjudicated on a winding-up petition based on significant violations of the Companies Ordinance, 1984. The petitioner, CONTROL RISK (PVT.) LTD., was found to be engaging in unauthorized security-related operations that were not aligned with its stated business objectives in the Memorandum of Association. The Court highlighted the legal provisions under sections 305 and 309 of the Ordinance, indicating that these sections delineate the grounds for winding up a company. The decision emphasized the importance of adhering to the legal framework governing company operations to ensure compliance and uphold national security. The ruling serves as a critical reminder for companies to operate strictly within the bounds of their legal mandates to avoid severe repercussions such as winding up. |
| Court |
Supreme Court of Pakistan
|
| Entities Involved |
Islamabad High Court,
Securities and Exchange Commission of Pakistan (SECP),
Control Risk (Pvt.) Ltd.
|
| Judges |
MIAN SAQIB NISAR,
IJAZ UL AHSAN,
SAJJAD ALI SHAH
|
| Lawyers |
Barrister Yousaf Khosa,
M.S. Khattak,
Syed Hamid Ali Shah
|
| Petitioners |
CONTROL RISK (PVT.) LTD.
|
| Respondents |
ADDITIONAL REGISTRAR COMPANIES REGISTRATION OFFICE SECP, ISLAMABAD
|
| Citations |
2019 SLD 383,
2019 SCMR 365
|
| Other Citations |
Not available
|
| Laws Involved |
Companies Ordinance, 1984
|
| Sections |
305,
305(f)(i),
305(f)(ii),
305(f)(iv),
305(f)(v),
309(b),
309(c)
|