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INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN versus SHAF INDUSTRIES (PVT.) LIMITED

Sections 131 and 132 of the Securities and Exchange Commission of Pakistan, Act (XLI of 1997), rejecting the Section 33 application or correcting the mortgage register were provided to the company provided by the bank, the company issued a final clearance from the bank. request. The clearance certificate of the outstanding clearance certificate issued to the bank was issued by the bank the same day, which was supplied by the company to the concerned Joint Registrar along with Form 17 (complete remission of charge). Regularly registered by the Registrar \ Subsequently, the Commissioner sought the bank on the basis of section 131 of the Companies Ordinance, 1984, seeking correction of the registration of the mortgage / charge of the company, on this basis. After hearing that the registrar was justified in recording the form, the bank had filed an appeal against the unclean order of Kamis on the preparation of a bank-issued clearance certificate, section 132 of the Companies Ordinance, 1984. The requirement for notice to holder under section 132 (2) was confirmed by a clearance certificate issued by the bank. It was held that the shares were issued by the company, according to which the law did not arrange for the preparation of the charge in his favor. In connection with equity investment, shareholder initial charge documents as well as subsequent charge increases were only permanently filed in favor of the bank, while issuing a clearance certificate, the bank company made it clear that its intention was to take financial advantage. Conveniently from another bank, it will charge a single property and for this purpose it will be required by the 13 final bank registers. top advocate from Ziarat lawyer