Legal Case Summary

Case Details
Case ID 1ac1ae7c-8e35-4304-9456-becfcb6bb80a
Body View case body.
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