| Case ID |
1ac1ae7c-8e35-4304-9456-becfcb6bb80a |
| Body |
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| Case Number |
Suit No. 1296 of 2002 |
| Decision Date |
Feb 25, 2003 |
| Hearing Date |
|
| Decision |
The application filed by the plaintiff under Order 39, rules 1 and 2, C.P.C. seeking an interim injunction was dismissed with costs. The court found that the plaintiff had failed to establish a prima facie case for the relief sought. The balance of convenience did not favor the plaintiff, and there was no evidence of irreparable loss should the shares owned by the lenders be sold. The plaintiff's claims regarding ownership of shares and rights of first refusal were found to be baseless, particularly given the lack of timely action and evidence supporting their assertions. The court noted that the plaintiff's conduct raised questions about their actual interest in the shares and management of the company. |
| Summary |
This case revolves around a dispute involving Metro Management (Pvt.) Ltd. and the Privatization Commission of Pakistan regarding the sale of shares in Metropolitan Steel Corporation Limited (MSCL). The plaintiff sought an interim injunction to prevent the sale of shares by the lenders, claiming ownership of over 50% shares and asserting rights of first refusal. However, the court found that the plaintiff failed to prove ownership and rights over the shares in question, as the shares had not been transferred in their name despite operating the company since 1994. The court emphasized the importance of timely action and credible evidence, noting that the plaintiff's delay in filing the suit and lack of disclosure regarding their claims undermined their position. The court ultimately dismissed the application, highlighting the need for a prima facie case for equitable relief and the absence of any irreparable loss to the plaintiff. This case underscores the complexities of corporate share transactions and the legal principles governing injunctions in such matters. |
| Court |
Sindh High Court
|
| Entities Involved |
National Bank of Pakistan,
Habib Bank Limited,
United Bank Limited,
Investment Corporation of Pakistan,
Metro Management (Pvt.) Ltd,
Privatization Commission of Pakistan,
State Engineering Corporation,
State Life Corporation of Pakistan
|
| Judges |
Zahid Kurban Alavi, J
|
| Lawyers |
Abid S. Zuberi,
Asghar Farooqi,
Khalid Anwar,
Mansoorul Arfin,
Khalid Javed,
Arshad Mohsin Tayebaly
|
| Petitioners |
Metro Management (Pvt.) Ltd, through Director
|
| Respondents |
Privatization Commission of Pakistan through Secretary, Ministry of Finance, Government of Pakistan, Islamabad High Court and 5 others
|
| Citations |
2003 SLD 3037 = 2003 CLD 1393
|
| Other Citations |
Not available
|
| Laws Involved |
Specific Relief Act (I of 1877),
Companies Ordinance (XLVII of 1984),
Civil Procedure Code (V of 1908)
|
| Sections |
42,
12,
55,
86,
87,
O. XXXIX, Rr.1,
O. XXXIX, Rr.2
|