LIGHT METAL AND RUBBER INDUSTRIES (PRIVATE) LIMITED versus SARFRAZ QAUDRI
Company matters upon request by the Members on the request of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 331 of the Civil Procedure Code (v. 1908), Section 151, Securities and Exchange Commission of Pakistan Act (XLI of 1997). Investigating the company alleges that in its absence from the country, the respondent directors not only transferred large sums of money from the company's accounts to their personal accounts, but also maintained duplicate / fake and non-government accounts. And that due to the inability of the respondents, the business suffered heavy losses under Section 151, CPC, with which since the year 2007, the Chartered Accountant was requested to be appointed to inspect the Company's accounts, After that, the High Court directed the Securities and Exchange Commission of Pakistan to appoint a Chartered Accountant as Inspector to investigate the affairs of the company from 2007. The company's property shareholders had the legal right to know about the company's affairs as they are its stakeholder petitioner chairman and 22% of the company's shareholders had the right to know about it. Inquiries from financial and financial status to other shareholders may be charged on a documentary basis, which requires a thorough investigation of the financial affairs of the company by the appointment of such person. With the right information. Under these circumstances, the appointment of an inspector was necessary for the conclusion of the court of justice under section 151 of the Company subject to the exclusion of the real case; the CPC had the authority to pass such orders, thereby eliminating justice.
Related judgments — Karachi High Court Sindh, 2011
